SB1096 would create a state-managed facility for storing and transacting precious metals such as gold and silver. The bill authorizes the Department of Insurance and Financial Institutions to establish a depository that would issue a "transactional currency" backed by these metals, allowing individuals and the state to use them as legal tender. Deposits would be held in trust, with redemption options for U.S. dollars or physical bullion. The depository would also be required to conduct biannual independent audits and ensure strict conflict-of-interest standards for its administrators.
The Arizona State Senate passed SB1096 on March 3, 2025 by a vote of 17 to 12. We have assigned pluses to the ayes because this bill is an important step toward restoring sound, constitutional money and reestablishing the role of gold and silver as legal tender, in accordance with Article I, Section 10 of the U.S. Constitution.
