Some residents of Texas have expressed skepticism about a recently passed law that recognizes gold and silver as legal tender in the state, as well as "establishing a trading currency based on precious metals."
On Sunday, Texas Governor Greg Abbott announced in an X post that he signed House Bill 1056 after it passed the state House and Senate. The bill is expected to take effect on May 1, 2027, amending state regulations to recognize gold and silver as legal tender and allowing residents to use them in daily transactions based on the value determined by the state auditor at the time.
Abbott cited a provision in the U.S. Constitution that states no state shall "make anything but gold and silver coin a tender in payment of debts," although the law does not prohibit Federal Reserve notes or other U.S. currency from being used as legal tender in Texas. The law also does not require anyone to accept gold or silver "for the payment of debts, deposits, or any other purpose."
Under the leadership of the Texas governor and the Republican-led legislature, the state government has advanced several proposals to adopt cryptocurrencies like Bitcoin (BTC). On the same day he signed House Bill 1056 into law, Abbott approved legislation to create a state strategic BTC reserve.
Since 1933, the U.S. has moved away from the gold standard in everyday domestic transactions, when President Franklin D. Roosevelt signed an executive order requiring people to return "gold coins, gold bars, and gold certificates" to the Federal Reserve Banks. While individual states like Texas have been exploring the adoption of different assets, they are constitutionally prohibited from issuing paper currency and coins.
News media have reported that "establishing a trading currency" could allow Texas to recognize digital currencies backed by gold or silver as legal tender. However, some residents have questioned the legislature's previous attempts to pass similar legislation, expressing concerns for retailers.
"How can retailers protect themselves and ensure that gold coins or silver coins are genuine and not counterfeit?" Reddit user the_shootist commented in response to a bill proposed in 2015, adding, "There seem to be a lot of factors to consider to make this feasible."
Several states in the U.S. have recognized precious metals like gold as legal tender but do not require retailers to accept them as a form of payment. Businesses in certain states have been accepting gold notes known as "Goldbacks" as payment, although they do not qualify as legal tender supported by state or federal government.
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Original article: “Texas Governor Approves Gold and Silver as Legal Tender”
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