Groundbreaking Legislation Signed
Florida Governor Ron DeSantis signed landmark legislation on Tuesday (May 27) authorizing residents to use gold and silver for everyday transactions, marking the first major U.S. state to take this step.
Key Provisions of HB 999
The new law recognizes gold and silver coins meeting specific purity standards as legal tender. Starting July 1 next year, all qualifying coins must display weight, purity, and country of origin. The legislation also authorizes financial service providers like check cashers and PayPal to process transactions using precious metals.
Official Rationale
Governor DeSantis framed the move as protection against dollar devaluation: “As the first major state to implement this, we’re acting fully within constitutional authority to safeguard Floridians from currency depreciation,” he stated. The governor highlighted gold’s tripled value since 2015 compared to fiat currency’s declining purchasing power.
Legislative Background
Bill sponsor Representative Bill Bankson of Apopka explained the legislation removes tax burdens and creates “a voluntary exchange mechanism between consenting parties.” Bankson referenced the dollar’s value decline since President Nixon abandoned the gold standard in 1971.
Economic Context
The governor’s office cited Washington’s chronic deficit spending and inflation risks as justification, positioning precious metals as a hedge against monetary instability. The move comes amid growing national debate about alternative currencies and monetary policy.
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