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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: TN Forced To Go Further In Protecting Free Speech)
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.
Read House Bill 1056 / Senate Bill 665 in full:
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