H.B. No. 1056 proposes the recognition of gold and silver specie as legal tender in Texas, establishing a framework for a transactional currency backed by these precious metals. The bill amends Chapter 2116 of the Government Code by adding Subchapter D, which outlines the legal tender status of gold and silver that meets specific requirements, including restrictions on markings that could imply government issuance. It clarifies that this recognition does not apply to U.S. coins or currency and does not mandate the acceptance of gold or silver for debt payments. Additionally, the bill allows for the electronic transfer of these metals and the establishment of electronic systems for payments backed by bullion.

The bill also empowers the comptroller to contract with vendors to implement the subchapter and to adopt necessary rules for its administration, including transaction security, valuation of the currency, and the establishment of reasonable fees. The act is set to take effect on September 1, 2026, with the legal tender provisions taking effect earlier on May 1, 2026.

Statutes affected:
Introduced: ()
House Committee Report: ()
Engrossed: ()
Senate Committee Report: Government Code 1.Chapter (Government Code 1)