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 specific markings for weight and purity, and restrictions on additional imprints that could suggest government issuance. It clarifies that the use of gold and silver as legal tender is not mandatory for transactions and does not affect the acceptance 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, determine currency value, and prevent fraud, particularly in dealings involving foreign adversaries. The act is set to take effect on May 1, 2027, with the legal tender provisions becoming effective 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)