A renewed pitch by an Idaho lawmaker to pass a bill that would allow the state to make payments with a cryptocurrency known as stablecoin advanced Monday at the Capitol for a public hearing.
doswald@idahostatesman.com
A renewed effort to allow the Idaho government to make payments using a form of cryptocurrency promoted by President Donald Trump emerged at the Capitol on Monday in its latest form. Under the proposed law, contractors and vendors could ask the state to pay them with a form of digital funds known as stablecoins to conform with a new federal law approved last year. The president’s eldest son, Donald Trump Jr., visited Boise last month for a private event to help pitch Idaho’s Financial Accountability Stablecoin Transaction (FAST) Act.
If passed, the bill would also require the state treasurer to produce an annual report for the Legislature with a list of the stablecoins approved by the U.S. government that are eligible for such payments. The revised bill introduced Monday in a House committee added clarifying language that would make the treasurer’s first annual report due to lawmakers in December 2027.
The proposed law aims to “improve payment efficiency, reduce transaction costs, enhance transparency and auditability, and promote competition and innovation in financial infrastructure,” according to its statement of purpose. It corresponds with the GENIUS Act, which the Republican president signed into law in July 2025.
Two months after the federal law took effect, Trump Jr. and his brother, Eric Trump, launched a cryptocurrency token called WLFI from financial firm World Liberty Financial. At the token’s debut, it earned $5 billion in proceeds, The Wall Street Journal reported.
Since Trump returned to the White House last year, he and his family have padded their personal wealth by about $1.4 billion from crypto-related ventures, according to an analysis by Bloomberg News. That total accounts for roughly one-fifth of the Trump family’s estimated net worth, the outlet reported.
World Liberty Financial also offers a stablecoin called USD1, which is pegged to the U.S. dollar. The concept is an attempt to maintain a constant value of $1 on trading markets.
The current version of the Idaho FAST Act was presented to the committee despite the absence of its sponsor, Rep. Dustin Manwaring, R-Pocatello, who has so far failed to earn a public hearing for the bill this legislative session. This version replaces earlier iterations in House Bill 586 and House Bill 821.
The new proposal accounts for the 2027 start date, Rep. Britt Raybould, R-Rexburg, who presented the bill in the sponsor’s place, told the House committee Monday.
“If you have any questions beyond that, I suggest you attack Rep. Manwaring when you see him on the (House) floor,” she said.
House Majority Leader Jason Monks, R-Meridian, a member of the committee where the bill was reintroduced, made a motion to advance it for a future public hearing. He did so with a smile to “not recommend attacking Rep. Manwaring, if I could add that to my motion,” he said.
The bill was approved for a hearing with no opposition from the committee, which includes three Democratic House members.
This story was originally published March 16, 2026 at 10:58 AM.
Kevin Fixler
Idaho Statesman
