
Behind a Texas bill, a push to make gold ‘functional money'
Tribune News Service
More than 50 years after the United States abandoned the gold standard, Texas lawmakers are moving to bring precious metals into everyday use. The new legislation, House Bill 1056, aims to give Texans the ability, likely through a mobile app or debit card system, to use gold and silver they hold in the state's bullion depository to purchase groceries or other standard items. The bill would also recognise gold and silver as legal tender in Texas, with the caveat that the state's recognition must also align with currency laws laid out in the US Constitution. 'In short, this bill makes gold and silver functional money in Texas,' Rep. Mark Dorazio, R-San Antonio, the main driving force behind the effort, said during one 2024 presentation. 'It has to be functional, it has to be practical and it has to be usable.'
After picking up major amendments in the Senate aimed at ensuring the legislation complies with existing laws — most notably, the Senate nixed language from an earlier version that sought to establish an entirely new digital currency based on the metals — the proposal cleared both legislative chambers late last week, and was sent to the governor's desk on Sunday. Governor Greg Abbott does not appear to have indicated whether he intends to sign the bill. In a statement, Abbott's press secretary, Andrew Mahaleris, said the governor 'will thoughtfully review any legislation sent to his desk.' Dorazio and state Sen. Bryan Hughes, R-Mineola, who authored a companion bill in that chamber, did not respond to requests for comment.
This year's gold and silver legislative push comes roughly a decade after Texas created the country's first state-run precious metals depository — and as Republican lawmakers around the country are pushing more broadly to move away from dependence on fiat currency, or money issued and backed by a central government. To date legislators in at least 11 states, including Utah, Oklahoma, Kansas, Arizona and West Virginia, have introduced bills that declare gold and silver as legal tender, or move for taxation exemptions on the metals, although many of those efforts have failed to become law. State and federal lawmakers, including in Texas, have also been pushing to expand the viability of cryptocurrency, including with government-held reserves.
Texas' highest-profile piece of crypto-related legislation this year, Senate Bill 21, which would create a state reserve of bitcoin and potentially other cryptocurrencies controlled by the state comptroller, is now likely to become law after formally advancing through the state legislature on Sunday. 'Bitcoin doesn't need Texas,' Brian Morgenstern, a policy adviser for the Texas Blockchain Council, the state's leading crypto lobbying group, recently argued in an interview with The News. 'Texas and the United States need bitcoin, because it's this modern phenomenon that is an outstanding asset.' The anti-fiat movement generally argues that alternative currencies offer a hedge against inflation and a greater degree of autonomy, because standard-issue currency is theoretically vulnerable to government manipulation.
While such concerns have been lingering for decades, more recently they've taken on a more heated pitch. Many see an inflection point amid rising inflation, ballooning federal debt, and a US dollar that recently slid to its lowest value in three years — all of which raise questions about the currency's central role in global finance.
'How am I supposed to buy groceries?' While several states have pushed for the legalisation of gold and silver, those efforts still left the metals functionally unusable, Dorazio has argued, because they didn't include a mechanism for making purchases. 'How am I supposed to go to the grocery store and buy groceries? How am I supposed to put gas in my car with a gold bar?' he said last year. 'Today it's an impossibility. You just can't do it.' HB 1056 aims to solve that problem by enabling the state comptroller to 'establish or authorise one or more electronic systems' for consumers and vendors to make and receive payments with their precious metals held in the state depository. The comptroller would also have the ability to contract the work to third parties and charge associated fees.
The current version of the bill focuses on laying the groundwork for such a system without mandating that anyone — including merchants — actually take part. But setting up a functional Texas metals transaction operation would still likely cost tens of millions of dollars and likely prove extremely logistically challenging, including by requiring potential reconfigurations of the state's bullion depository in order to ensure the assets can be accounted for. In addition to many elected Texas Democrats and residents — some who were bewildered as the measure advanced through the legislature — fiscal watchdogs have opposed the bill because of the associated costs. Meanwhile, banking groups that include the Texas Bankers Association and Independent Bankers Association of Texas (IBAT), have raised objections over its lack of consumer protections.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Filipino Times
5 hours ago
- Filipino Times
Lacson renews push for Anti-Political Dynasty Act
Senator Panfilo Lacson is seeking to break the stronghold of political dynasties through a renewed push for the passage of the Anti-Political Dynasty Act, in line with the 1987 Constitution's provision on equal access to public service. In a radio interview, Lacson said Senate Bill No. 35 or the 'Anti-Political Dynasty Act of 2025″ aims to ban the spouse or any relative within the second degree of consanguinity or affinity of an incumbent official seeking reelection from running in the same city or province during the same election period. 'This proposed measure seeks to strike a balance between the two competing fundamental principles of the electorate's sovereignty and political dynasty. This is in consonance with the constitutional precept that laws should be interpreted not in the letter that killeth but to the spirit that giveth life,' he said. The measure also bars individuals with political dynasty ties, whether legitimate, illegitimate, full or half-blood, from simultaneously running for office in the same locality, even if neither is an incumbent. Lacson stressed the urgency of passing an enabling law, saying the continued dominance of political families undermines democracy. 'Influential clans and families that are well-entrenched in the political arena have made positions in government their virtual playgrounds, resulting in the proliferation of small monarchies all over the country. This makes a mockery of what should otherwise be a level-playing field in politics and espouse political inequities,' the senator added. He noted that despite several attempts to pass similar measures since the 8th Congress, no anti-dynasty law has made it through Congress. Lacson recently accepted the chairmanship of the Senate Committee on Electoral Reforms and People's Participation, a post offered by Senate President Francis Escudero through Minority Leader Vicente 'Tito' Sotto III.


Dubai Eye
9 hours ago
- Dubai Eye
US Senate rejects bids to block arms sales to Israel over Gaza
Two resolutions that would have blocked arms sales to Israel in response to civilian casualties in Gaza were blocked in the US Senate on Wednesday, although they garnered more support than similar measures earlier this year. The two resolutions were introduced by Senator Bernie Sanders, a Vermont independent aligned with Democrats. They failed by 73 to 24 and 70 to 27 in the 100-member chamber in voting late on Wednesday night. Similar measures, also introduced by Sanders, failed by 82-15 and 83-15 in April. A decades-long tradition of strong bipartisan support for Israel in the US Congress means resolutions to stop weapons sales are unlikely to pass, but backers hope raising the issue will encourage Israel's government and the US administration to do more to protect civilians. All of the votes for the resolutions came from Democrats, with all of President Donald Trump's fellow Republicans opposed. Sanders said in a statement he was pleased that a majority of the Democratic caucus had backed the effort. "The tide is turning. The American people do not want to spend billions to starve children in Gaza," Sanders said. "The Democrats are moving forward on this issue, and I look forward to Republican support in the near future." Senator Jeanne Shaheen of New Hampshire, the top Democrat on the Senate Foreign Relations Committee, was one of the Democrats who opposed the Sanders-backed resolutions in April but voted for them this time. Shaheen said in a statement that Israel has a right to defend its citizens, but added: "It is clear that the Government of Israel has not conducted its military operations in Gaza with the necessary care required by international humanitarian law. It is also clear that the Government of Israel has failed to allow adequate humanitarian assistance into Gaza, resulting in unbelievable suffering." The resolutions would have blocked the sale of $675 million in bombs and shipments of 20,000 assault rifles. Senator Jim Risch of Idaho, the Republican chairman of the Senate Foreign Relations Committee, said in a speech opposing the resolutions that the militant group Hamas was to blame for the situation in Gaza. "It is in the interest of America and the world to see this terrorist group destroyed," he said. Israel has consistently said its actions in Gaza are justified as self-defence and accuses Hamas of using civilians as human shields, a charge Hamas denies. The US Senate vote came as France and Canada have indicated they plan to recognize a Palestinian state amid growing international outrage over the dire humanitarian crisis in Gaza. Britain has also said it would recognise the state at September's UN General Assembly meeting if the fighting in Gaza had not stopped by then. Israel's military campaign in Gaza has killed more than 60,000 Palestinians, destroyed much of the enclave and led to widespread hunger. A global hunger monitor has warned that a worst-case scenario of famine is unfolding in the enclave. The war began after Gaza's dominant Palestinian armed group Hamas carried out a cross-border attack on southern Israel, killing around 1,200 people and taking more than 250 hostages, according to Israeli authorities. Israel's subsequent air and ground campaign has leveled entire neighbourhoods in Gaza and displaced most of the population of 2.3 million. Israel says its operations are aimed at dismantling Hamas' military capabilities and securing the release of hostages.


Filipino Times
9 hours ago
- Filipino Times
Senate to probe online gambling as senators push for total ban
The Senate is poised to launch an inquiry into the controversial surge of online gambling in the country, as several lawmakers push for a total ban citing its growing social and economic toll. In a privilege speech, Senator Juan Miguel 'Migz' Zubiri raised alarm over the rising number of Filipinos falling into gambling addiction—an issue he said was notably absent from President Ferdinand Marcos Jr.'s State of the Nation Address. Zubiri described online gambling as an 'epidemic' that has led to financial ruin and even loss of lives, particularly among vulnerable individuals already burdened by economic hardship. 'Mr. President, please give us guidance on how we can stop this epidemic from engulfing our nation and our people,' Zubiri urged. Senator Erwin Tulfo, chairperson of the Senate committee on games and amusement, announced that a hearing will be held next week to look into the matter. He backed Zubiri's call for a complete ban and said the committee would gather input from various sectors, including relevant government agencies and lawmakers. 'We will request a cost-benefit analysis from agencies such as the Department of Finance and PAGCOR to evaluate the lost revenues, employment implications, and social costs,' Tulfo said. Senator Ronald 'Bato' Dela Rosa, vice chair of the committee, said the Senate's position should be firmly rooted in data to strengthen its policy direction. Several other senators have also expressed support for stricter regulations, if not an outright ban, to address the growing threat posed by online gambling.