Texas Authorizes Gold and Silver as Legal Tender Following Establishment of Strategic Bitcoin Reserve

On June 30, Texas Governor Greg Abbott signed a bill that recognizes gold and silver as legal tender for everyday transactions, set to be implemented on May 1, 2027. With this law, Texas becomes the first U.S. state to introduce precious metals as legal tender on a large scale. The Texas Bullion Depository, overseen by the State Comptroller's Office, will facilitate these transactions. The bill realizes the authorization of precious metal currency based on the Texas Constitution and also stipulates the establishment of a digital currency backed by the metals stored in the depository. This digital currency will comply with existing monetary laws and is designed to conform to both state and federal regulations.