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 the Government Code by adding a new subchapter that outlines the requirements for gold and silver to be considered legal tender, including specifications for marking the specie with its weight and purity. It clarifies that while gold and silver can be used as legal tender, individuals are not obligated to accept them for payment, and the bill does not affect the use of U.S. coins or Federal Reserve notes.

Additionally, the bill empowers the comptroller to create electronic systems for transactions involving gold and silver currency and allows for the establishment of a reasonable fee to administer these systems. The comptroller is also tasked with adopting rules to ensure transaction security, determine currency value, and prevent fraud, particularly in transactions involving foreign adversaries. The provisions of the bill are set to take effect on September 1, 2026, with the overall act becoming effective on May 1, 2027.

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