Bill > SB665

This bill establishes a comprehensive framework for creating a state-backed digital currency in Texas based on gold and silver, with several key provisions. The legislation authorizes the state comptroller to establish and issue both physical gold and silver specie (coins) and a corresponding digital currency that represents specific fractional amounts of gold or silver held in a pooled depository account at the Texas Bullion Depository. The digital currency can be obtained by either purchasing gold or silver or transferring existing gold or silver holdings into the account, and it can be used as legal tender for debt payments and electronically transferred between individuals. The comptroller is empowered to create rules ensuring security and preventing fraud, and may contract with private vendors (preferably Texas-based) to help implement the system. The digital currency's value will be directly tied to the current market value of gold or silver, and individuals can redeem their digital currency for either U.S. dollars or the physical gold/silver it represents, subject to a fee that will cover administrative costs. Importantly, the funds and assets in this system will be held in trust and will not be subject to legislative appropriation, providing a layer of financial protection. The bill is set to take effect on September 1, 2025.

Budget and Finance

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB665