100% Gold And Silver-Backed Coin, Digital Currency Recognized As Legal Tender In Texas

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Texas Senate passed HB 1056 Wednesday (May 27) with a vote of 18-12 on its second reading. Once signed into law, it will create a 100% gold and silver-backed digital currency and coin that will be recognized as legal tender throughout the state.

The original bill, SB 665, was filed by state Senator Bryan Hughes, and backed by a wealth of Texas lawmakers. The legislation requires Texas’ comptroller to create and issue a gold and silver-backed digital currency and coin (also known as “specie”) as “a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency.” (MORE NEWS: Arkansas Passes Major Economic Bill On Gold & Silver)

The law allows both the digital currency and coin to be considered legal tender “in payment of debt,” taxes, and everyday transactions. “By establishing a framework for sound money, SB665 would position Texas at the forefront of efforts to reduce reliance on the Federal Reserve’s fiat monetary system,” the Tenth Amendment Center noted in their coverage of the bill.

What Comes Next?

The bill explicitly clarifies that individuals and entities do not have to accept the tender. The establishment of the system will likely not see any significant roll-out until at least May 2026, if not September 2026, according to Billtrack.

“Our bill restoring gold and silver as currency just passed the Texas Senate. HB 1056 is a bold step in protecting everyday Texans from inflation and Central Bank Digital Currencies (CBDCs) that could track your purchases and freeze or limit your spending based on your social or political behavior,” Hughes wrote on X.

“By recognizing gold and silver as currency, Texans will have an opportunity to use sound money with real value that’s free from manipulation, inflation, and centralized control. Let the message ring loud and clear: Texas is taking back control of our money, one ounce at a time.” (DEVOTIONAL: Gold: God’s Currency)

States such as Florida, Arkansas, and Missouri have already passed similar legislation, but it is believed that Texas will be the first to truly implement the process, Citizen Portal reported.

Read House Bill 1056 / Senate Bill 665 in full:

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