SB 560 — Relating to financing and state payments

WEST VIRGINIA LEGISLATURE REGULAR SESSION IntroducedCommittee Substitute for Senate Bill 560 ByB SenatorYSENATORS HeltonHELTON, [IntroducedOSE January,ANDBARRETT 21,[Reported 2026;February 12, 2026, from the Committee on Banking and Insurance] CS for SB 560 A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §12-3B-1, §12-3B-2, §12-3B-3, §12-3B-4, §12-3B-5, §12-3B-6, and §12- 3B-7, relating to creating the Financial Accountability Stable Token Act;

referredauthorizing touse theof Committeequalifying onstable Bankingtokens for payments to state vendors and Insurance;contractors;

and then to the Committee on Finance] Intr SB 560 2026R2763 A BILL to amend the Code of West Virginia, 1931, as amended, by adding a new article, designated §12-3B-1, §12-3B-2, §12-3B-3, §12-3B-4, §12-3B-5, §12-3B-6, §12-3B-7, and §12-3B-8, relating to creating the Financial Accountability Stable Token Act for financing and state payments;

authorizing the use of qualifying stable tokens for payments to state vendors and contractors;

providing for administration and oversight by the State Treasurer;

andauthorizing providingimposition forof rulemakingfees; and reporting;

and providingrequiring forrulemaking severability.and reporting by State Treasurer.

This article shall be known and may be cited as the "FinancialFinancial Accountability Stable Token Act"Act or theFAST "FASTAct. Act." §12-3B-2.

§12-3B-2.

IntrCS for SB 560 2026R2763 (1) "Stable token" means a digital asset that:

(a) The Treasurer shallmay, maintainupon anddetermining publishcompliance awith listthis ofarticle, authorize stable tokens thatfor meetuse allas requirementsset offorth in this article.

(b) The Treasurer mayshall recognizemaintain and authorizepublish a stablelist tokenof forall useauthorized uponstable determiningtokens compliancethat withmeet thisall article,requirements withoutof furtherthis legislativearticle. action.

(2) Is controlled by non-Uniteda Statesforeign persons;person or foreign entity;

(d) Only United States dollar–denominated cash or short-term United States Treasury obligations may serve as reserve assets.assets for a stable token.

CS for SB 560 (e) The Treasurer shall review qualifying stable tokens annually and may suspend or Intr SB 560 2026R2763 revoke authorization for failure to meet the requirements of this article.

Use of tokens for state payments.payments;

fees.

(b) ParticipationNo byvendor vendorsor andcontractor contractorsmay isbe voluntary.required to accept payment in stable token.

(c) NoAcceptance vendorand orissuance contractorof may be required to accept payment inunder athis stablesection token.is voluntary.

(d) Payments made pursuantunder to this section constitute valid and final satisfaction of monetary obligations owed by the state.

(e) The Treasurer may impose administrative fees and transaction fees upon payments made under this section designed to cover expenses related to this payment method.

All applicable fees shall be disclosed prior to payment acceptance.

AdministrationImplementation and rulerulemaking. making.

(a) The Treasurer shall promulgatepropose rules for legislative rulesapproval in accordance with §29A-3-1,the provisions of §29A-3-1 et seq.

and (3) Procedures for the authorization, monitoring, suspension, and revocation of stable tokens.

(b) The Treasurer may contract with private service providers to implement infrastructure necessary to administercarry out the provisions of this article.

(c) The Treasurer shall coordinate with applicable federal regulators to ensure compliance with federal law.law as it relates to this article.

(a) The Treasurer shall submit an annual report by December 1 to the LegislatureJoint Committee on Government and Finance in digital format detailing:

CS for SB 560 (1) Authorized stable tokens;

(2) Transaction volumes and cost savings;savings, if any;

§12-3B-8.

Severability.

Intr SB 2026R2763 If any provision of this article is held invalid, the invalidity does not affect other provisions which can be given effect without the invalid provision.

NOTE:

The purpose of this bill is to create the "Financial Accountability Stable Token Act," or "FAST Act," for finance and state payments;

authorize the use of qualifying stable tokens for payments to state vendors and contractors;

establish eligibility and reserve requirements;

provide for administration and oversight by the State Treasurer;

provide for rulemaking and reporting;

and provide for severability.