HB1918 updates Arkansas law on specie and legal tender, authorizing the use of bullion depositories and a precious-metals–backed electronic payment system. The act defines terms such as bullion, specie, and transactional gold and silver, and allows gold and silver to be used as legal tender for private debts, taxes, and fees if accepted by the receiving government. It exempts the exchange or sale of specie from taxation, and clarifies that such assets are not personal property for tax or regulatory purposes. The Chief Fiscal Officer must establish rules for approving depositories and electronic payment vendors, ensuring security, fraud prevention, and fair conversion between bullion and dollars.
The Arkansas State Senate passed HB1918 on April 14, 2025 by a vote of 33 to 0. 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.
