Key Takeaways
- • Florida Gov. Ron DeSantis signed HB 999, which recognizes gold and silver coin as legal tender for payment of debts, according to Florida Politics.
- • DeSantis framed the measure as protecting "financial sovereignty" and guarding against the "declining value of the dollar."
- • The bill requires the Chief Financial Officer and the Financial Services Commission to adopt implementing rules and submit them to the Legislature by Nov. 1.
- • The legislation removes sales tax on coins or currency sold based on precious metal content and exempts gold or silver coins from sales tax.
- • The bill imposes requirements on money services transacting in gold or silver coin, including deposit security, record keeping, and separate ledger accounts.
Summary
Florida Governor Ron DeSantis has signed HB 999, a bill that recognizes gold and silver coin as legal tender for payment of debts, according to Florida Politics. The measure moves precious metals closer to use in everyday transactions, and DeSantis described it as a safeguard for "financial sovereignty" against the "declining value of the dollar."
The bill also mandates additional requirements for money services handling gold or silver coin. These include privately ensuring deposit security, keeping records, and maintaining separate ledger accounts for transactions involving the metals. DeSantis said the legislation allows check cashers and PayPal to transmit and accept payment in gold and silver.
DeSantis presented the bill as part of a broader rejection of policies he opposes, including Central Bank Digital Currency and environmental, social, and governance policies, particularly in pension funds. He argued that commodities offer independence from "fiat currency" devalued by federal "borrowing and spending," and said gold has risen "up, big time," citing concerns over U.S. credit ratings and the bond market. He predicted continued gains and said the metals would function as usable money rather than solely as investment vehicles for the wealthy.
The final bill requires the Chief Financial Officer and the Financial Services Commission to adopt implementing rules and submit them to the Legislature by Nov. 1. Per a House bill summary, the legislation removes sales tax on coins or currency sold, exchanged, or traded based on precious metal content, exempts gold or silver coins from sales tax, allows governmental entities to accept them as legal tender, and establishes guidelines for custodians and consumer protections.
DeSantis also used the occasion to praise Elon Musk and the Department of Government Efficiency, saying "DOGE fought the swamp... And thus far the swamp has won." He criticized the Republican Congress for failing to codify spending cuts and cited the need for a balanced-budget amendment and congressional term limits.
The bill also mandates additional requirements for money services handling gold or silver coin. These include privately ensuring deposit security, keeping records, and maintaining separate ledger accounts for transactions involving the metals. DeSantis said the legislation allows check cashers and PayPal to transmit and accept payment in gold and silver.
DeSantis presented the bill as part of a broader rejection of policies he opposes, including Central Bank Digital Currency and environmental, social, and governance policies, particularly in pension funds. He argued that commodities offer independence from "fiat currency" devalued by federal "borrowing and spending," and said gold has risen "up, big time," citing concerns over U.S. credit ratings and the bond market. He predicted continued gains and said the metals would function as usable money rather than solely as investment vehicles for the wealthy.
The final bill requires the Chief Financial Officer and the Financial Services Commission to adopt implementing rules and submit them to the Legislature by Nov. 1. Per a House bill summary, the legislation removes sales tax on coins or currency sold, exchanged, or traded based on precious metal content, exempts gold or silver coins from sales tax, allows governmental entities to accept them as legal tender, and establishes guidelines for custodians and consumer protections.
DeSantis also used the occasion to praise Elon Musk and the Department of Government Efficiency, saying "DOGE fought the swamp... And thus far the swamp has won." He criticized the Republican Congress for failing to codify spending cuts and cited the need for a balanced-budget amendment and congressional term limits.
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