Bill
Bill > HB1056
TX HB1056
TX HB1056Relating to the recognition of gold and silver specie as legal tender and the establishment of a transactional currency based on gold and silver; authorizing a fee.
summary
Introduced
11/12/2024
11/12/2024
In Committee
05/25/2025
05/25/2025
Crossed Over
05/02/2025
05/02/2025
Passed
06/22/2025
06/22/2025
Dead
Signed/Enacted/Adopted
06/22/2025
06/22/2025
Introduced Session
89th Legislature Regular Session
Bill Summary
AN ACT relating to the recognition of gold and silver specie as legal tender and the establishment of a transactional currency based on gold and silver; authorizing a fee.
AI Summary
This bill establishes a framework for recognizing gold and silver specie (coins made of precious metals) as legal tender in Texas, with specific conditions for their use. The legislation allows gold and silver coins to be used as legal tender if they are marked with their weight and purity, but prohibits additional government or refiner markings beyond identification. While the bill creates a legal mechanism for using gold and silver as currency, it does not mandate that people must accept these forms of payment, leaving it optional. The comptroller is authorized to create electronic systems that enable transactions using currency backed by gold and silver bullion, and may contract with vendors (preferably Texas-based) to implement these systems. The bill requires the comptroller to develop rules for securing transactions, determining currency value, establishing administrative fees, approving vendors, and preventing fraud or transactions involving foreign adversaries. The legislation is set to take partial effect in September 2026 and fully implement in May 2027, providing a gradual rollout of these new financial provisions. Importantly, the bill does not replace or restrict the use of existing U.S. currency, but provides an additional option for monetary transactions in the state.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (88)
Giovanni Capriglione (R)*,
Mark Dorazio (R)*,
Cody Harris (R)*,
Bryan Hughes (R)*,
Todd Hunter (R)*,
Richard Raymond (D)*,
Daniel Alders (R),
Alma Allen (D),
Cecil Bell (R),
Keith Bell (R),
Rhetta Bowers (D),
Brad Buckley (R),
John Bucy (D),
Ben Bumgarner (R),
Briscoe Cain (R),
Liz Campos (D),
David Cook (R),
Philip Cortez (D),
Charles Cunningham (R),
Jay Dean (R),
Mano DeAyala (R),
Paul Dyson (R),
James Frank (R),
Josey Garcia (D),
Gary Gates (R),
Stan Gerdes (R),
Mary González (D),
Ryan Guillen (R),
Caroline Harris Davila (R),
Brian Harrison (R),
Richard Hayes (R),
Cole Hefner (R),
Ana Hernandez (D),
Hillary Hickland (R),
Adam Hinojosa (R),
Janis Holt (R),
Andy Hopper (R),
Carrie Isaac (R),
Jo Jones (D),
Helen Kerwin (R),
Stan Kitzman (R),
Marc LaHood (R),
Jeff Leach (R),
Terri Leo-Wilson (R),
Mitch Little (R),
Janie Lopez (R),
Ray Lopez (D),
A.J. Louderback (R),
David Lowe (R),
J.M. Lozano (R),
John Lujan (R),
Shelley Luther (R),
Christian Manuel (D),
Don McLaughlin (R),
Will Metcalf (R),
Terry Meza (D),
Mayes Middleton (R),
Brent Money (R),
Joe Moody (D),
Eddie Morales (D),
Penny Morales Shaw (D),
Matt Morgan (R),
Sergio Muñoz (D),
Candy Noble (R),
Mike Olcott (R),
Tom Oliverson (R),
Claudia Ordaz Perez (D),
Angelia Orr (R),
Jared Patterson (R),
Dennis Paul (R),
Katrina Pierson (R),
Ron Reynolds (D),
Keresa Richardson (R),
Nate Schatzline (R),
Alan Schoolcraft (R),
Joanne Shofner (R),
John Smithee (R),
Kevin Sparks (R),
Valoree Swanson (R),
James Talarico (D),
Carl Tepper (R),
Tony Tinderholt (R),
Steve Toth (R),
Ellen Troxclair (R),
Cody Vasut (R),
Denise Villalobos (R),
Wesley Virdell (R),
Trey Wharton (R),
Last Action
See remarks for effective date (on 06/22/2025)
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