West Virginia SB560 establishes the Financial Accountability Stable Token Act for state payments.

West Virginia SB560 creates the Financial Accountability Stable Token Act, authorizing the use of qualifying stable tokens for state payments to vendors and contractors. The State Treasurer must maintain a list of authorized tokens, which must be fully backed by U.S. dollars or short-term U.S. Treasury obligations, issued by U.S.-based corporations with U.S. citizen founders and shareholders. The Treasurer oversees administration, compliance, and annual reporting to the Legislature.

West Virginia SB560 establishes the Financial Accountability Stable Token Act for state payments.

West Virginia SB560 creates the Financial Accountability Stable Token Act, authorizing the use of qualifying stable tokens for state payments to vendors and contractors. The State Treasurer must maintain a list of authorized tokens, which must be fully backed by U.S. dollars or short-term U.S. Treasury obligations, issued by U.S.-based corporations with U.S. citizen founders and shareholders. The Treasurer oversees administration, compliance, and annual reporting to the Legislature.