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 weight and purity markings. It clarifies that while gold and silver can be used for transactions, individuals are not obligated to accept them as 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 necessary rules to ensure transaction security and to prevent fraud, particularly in dealings involving foreign adversaries. The act is set to take effect on May 1, 2027, with specific provisions regarding legal tender taking effect earlier on September 1, 2026.

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