Florida Senate - 2025 COMMITTEE AMENDMENT
Bill No. CS for SB 132
Ì570732ÊÎ570732
LEGISLATIVE ACTION
Senate . House
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The Committee on Appropriations (Rodriguez) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. (1) The Department of Financial Services shall
6 contract with an appropriate vendor to conduct a study and
7 submit a report to the President of the Senate and the Speaker
8 of the House of Representatives on or before December 1, 2026,
9 as to whether the State of Florida should recognize gold and
10 silver coin as legal tender. The vendor conducting the study and
11 submitting the report may not have any contractual or monetary
12 relationship with any person or entity that supports or opposes,
13 or represents any person or entity that supports or opposes, or
14 otherwise has a conflict of interest in, recognizing gold and
15 silver coin as legal tender in this state. The report must
16 include a full listing of all individuals and sources consulted,
17 at least one of whom must be an economist and one of whom must
18 be a constitutional law scholar, in creating the report and
19 detail the information provided by or obtained from such
20 sources. The report must address the following subjects,
21 analyzing each in detail and providing recommendations to the
22 Legislature:
23 (a) Any authority that states have to establish gold and
24 silver coin as legal tender and, if states have such authority,
25 the extent of that authority. The report must address the
26 following subjects, analyze in detail, and provide
27 recommendations to the Legislature regarding the following
28 topics:
29 1. Whether states have authority under the United States
30 Constitution to recognize forms of legal tender not recognized
31 by the Federal Government and, if so, the extent of that
32 authority.
33 2. The coinage power of the United States Congress under
34 Article I, Section 8 of the United States Constitution,
35 including, but not limited to, any limitations this provision
36 may have on states’ authority, if any, to recognize gold and
37 silver coin as legal tender, including the meaning of the terms
38 “coin,” “money,” and “regulate the value thereof,” and any
39 related recommendations.
40 3. The meaning of Article I, Section 10, Clause 1 of the
41 United States Constitution, with regard to the prohibition on
42 states coining money or emitting bills of credit, and the
43 allowance to make gold and silver coin a tender in payment of
44 debts. The report must address the terms “coining money,”
45 “emitting bills of credit,” “coin,” and “debts,” and any related
46 recommendations.
47 4. The authority of the United States Congress under the
48 commerce clause of the United States Constitution or the
49 necessary and proper clause of the United States Constitution
50 and any impact on a state’s authority to establish gold and
51 silver coin as legal tender.
52 5. The extent to which other federal or state
53 constitutional provisions, federal or state laws, or federal or
54 state regulations affect a state’s authority to establish gold
55 and silver coin as legal tender.
56 (b) Practical considerations and issues the state would
57 need to address if the state has the authority and the state
58 elects to make gold and silver coin legal tender. The report
59 must analyze in detail and provide recommendations to the
60 Legislature regarding the following topics:
61 1. Whether the state may establish criteria regarding the
62 purity of gold and silver coin recognized as legal tender and,
63 if so, whether the state should require certain purity standards
64 for gold and silver coin recognized as legal tender.
65 2. Whether the state may establish criteria regarding the
66 physical representations of gold and silver coin recognized as
67 legal tender, considering any relevant factors, including, but
68 not limited to, the costs and other practical barriers to
69 implementing gold and silver coin as legal tender for payments
70 of debts, taxes, or fees.
71 3. The possible uses and limitations of various physical
72 forms of gold and silver coin when used as legal tender, such as
73 coins, ingots, bullion, or bars, or other forms of gold or
74 silver.
75 4. The impact of interstate and international compatibility
76 standards, or lack thereof, on any potentially state-approved
77 forms of gold and silver coin as legal tender.
78 5. Whether any state recognition of gold or silver coin as
79 legal tender may unduly burden interstate commerce.
80 6. The possible benefits and risks of establishing a system
81 where gold and silver coin recognized as legal tender is
82 transacted electronically, and any laws and regulations
83 necessary to ensure consumer protections with regard to such
84 transactions.
85 7. The current availability of electronic payment systems
86 used to transact gold and silver and the access of state
87 residents to any such existing system if already in existence
88 and able to be used in the state.
89 8. Whether there are any technological challenges or costs
90 of implementing a point-of-sale system that integrates tendering
91 or accepting gold or silver coin as legal tender, and whether
92 this would need to be done to be able to tender or accept gold
93 or silver in commerce.
94 9. The obligations, if any, of the state or a private
95 person in this state to tender or accept gold or silver coin if
96 such precious metals are recognized as legal tender for payment
97 of debts in this state; and, if such obligations exist, the
98 legal consequences, if any, of such state or person refusing to
99 tender or accept gold or silver legal tender.
100 10. The obligation, if any, of the state to recognize gold
101 and silver coin that has been recognized as legal tender in
102 other states or other countries in which it has been established
103 as legal tender.
104 11. Any other practical consideration that would need to be
105 addressed by the Legislature.
106 (c) A detailed review of the legal status of gold and
107 silver in all states of the United States, including whether
108 gold or silver is recognized as legal tender and the applicable
109 legal or regulatory framework where applicable. The review of
110 states must also detail any legislation that is being considered
111 or has previously been considered in those states, and the
112 status and outcome of such legislation.
113 (d) The changes to this state’s financial system regulation
114 that would be necessary to accommodate establishment of gold and
115 silver coin as legal tender and to protect the residents of this
116 state. The report must analyze in detail and provide
117 recommendations to the Legislature regarding the following
118 considerations:
119 1. Prevention of counterfeiting of gold and silver coin.
120 2. Whether banks, credit unions, and other financial
121 institutions would be or should be required under state law to
122 accept legal tender in the form of gold and silver coin for
123 deposits or loan repayment.
124 3. Whether banks, credit unions, and other financial
125 institutions are prevented under federal law and regulations
126 from accepting deposits of gold or silver coin recognized as
127 legal tender.
128 4. Whether gold and silver coin recognized as legal tender
129 qualifies as an insured deposit under the Federal Deposit
130 Insurance Corporation (FDIC) or the National Credit Union Share
131 Insurance Fund (NCUSIF).
132 5. Whether participation requirements for the FDIC and
133 NCUSIF prevent or restrict banks and credit unions from
134 accepting deposits of gold and silver coin recognized as legal
135 tender.
136 6. Whether the state should allow entities other than state
137 or federally chartered financial institutions to accept deposits
138 of gold and silver coin recognized as legal tender and, if so,
139 the laws, licensure requirements, and regulations that should be
140 adopted to protect the residents of this state.
141 7. Whether it is necessary for the state to ensure that
142 financial institutions or other entities that are involved in
143 transactions of gold and silver coin recognized as legal tender
144 are in compliance with applicable federal laws and, if so, how
145 the state would ensure such compliance.
146 8. The statutory and regulatory provisions necessary to
147 protect the residents of this state from fraud, volatility in
148 the value of gold and silver coin, or deceptive practices.
149 9. The statutory and regulatory provisions necessary to
150 ensure the security of deposits of gold and silver coin
151 recognized as legal tender, including insurance of such deposits
152 and requirements to prevent criminal actions, including, but not
153 limited to, the theft of gold and silver coin.
154 10. The willingness of financial institutions to
155 participate in transactions involving gold and silver coin
156 recognized as legal tender.
157 11. For entities that facilitate electronic transfers
158 involving gold and silver coin recognized as legal tender, the
159 laws and regulations that would be necessary to protect the
160 residents of this state, including licensure requirements,
161 recommended amendments to laws, and recommended new laws.
162 12. The effect on the use of gold and silver coin as legal
163 tender and on entities holding or facilitating transactions of
164 such legal tender if federal regulators classify gold and silver
165 coin recognized as legal tender by the state as a commodity or
166 financial security for regulatory purposes.
167 13. The risks of market manipulation or speculative trading
168 undermining the stability of gold and silver coin recognized as
169 legal tender, and how the state could mitigate any such risks.
170 14. Whether and, if so, to what extent consumer protections
171 for financial transactions under federal and state law would or,
172 with respect to the state, should apply to transactions
173 involving gold and silver coin recognized as legal tender.
174 15. Whether establishing gold and silver coin as legal
175 tender would facilitate criminal activity and, if so,
176 recommendations regarding laws and regulations that could
177 prevent such activity.
178 16. How federal reporting requirements for large
179 transactions or suspicious activity would apply to financial
180 institutions or other holders of deposits of gold and silver
181 coin recognized as legal tender, and how such entities would
182 comply with such requirements.
183 17. How federal and state laws relating to anti-money
184 laundering protocols or “know your customer” requirements would
185 apply to financial institutions or other entities that hold
186 deposits of, or facilitate transactions involving, gold and
187 silver coin recognized as legal tender, and how such entities
188 would comply with such requirements.
189 18. How gold and silver coin recognized as legal tender
190 would interact with electronic payment systems, such as the
191 Automated Clearinghouse or the Society for Worldwide Interbank
192 Financial Telecommunications.
193 19. Whether the state should establish a regulatory
194 framework for payment processors that handle transactions
195 involving gold and silver coin as legal tender.
196 20. How state and federal currency exchange laws apply to
197 transactions involving gold and silver coin recognized as legal
198 tender, and whether additional protections are needed.
199 21. Whether existing limitations on fees on debit and
200 credit card transactions apply to transactions involving gold
201 and silver coin that may be recognized as legal tender.
202 22. The benefits and risks of the state establishing a
203 state-run depository for deposits of gold and silver coin
204 recognized as legal tender, the laws and regulations that should
205 be adopted to regulate such depository, and the anticipated
206 costs of establishing and maintaining such depository.
207 23. The benefits and risks of the state relying solely on
208 private depositories for deposits of gold and silver coin
209 recognized as legal tender and the laws and regulations that
210 should be adopted to regulate private depositories in a state
211 where gold and silver coin are made legal tender.
212 24. Any laws and regulations that should be adopted to
213 ensure that owners of gold and silver coin recognized as legal
214 tender can withdraw and take possession of their physical gold
215 and silver coin from a financial institution or depository.
216 25. The regulatory framework necessary to protect the
217 public, which state agencies should be charged with adopting and
218 implementing regulations, and the fiscal impact on each such
219 state agency to conduct such regulatory oversight. Consideration
220 should be given to existing regulatory systems and
221 recommendations made by relevant regulatory agencies that may be
222 responsible for any oversight or enforcement.
223 26. Any other changes to financial system regulation
224 necessary to protect the public.
225 (e) The acceptance by the state and local governments of
226 gold and silver coin recognized as legal tender and the
227 application of state and federal tax laws to such gold and
228 silver coin, including, but not limited to, all of the following
229 topics:
230 1. The benefits and risks of the state accepting gold and
231 silver coin recognized as legal tender for the payment of taxes,
232 debts, and other moneys owed to the state.
233 2. Whether the state would be obligated to accept gold and
234 silver coin recognized as legal tender or obligated to tender
235 gold and silver coin recognized as legal tender as payment upon
236 request.
237 3. Any laws and infrastructure that may be necessary for
238 the state to accept gold and silver coin recognized as legal
239 tender, and the anticipated costs of establishing and
240 maintaining such infrastructure.
241 4. The laws and regulations governing qualified public
242 depositories which may be affected by the establishment of gold
243 and silver coin as legal tender.
244 5. Any changes necessary for the state to make public
245 deposits of gold and silver coin recognized as legal tender in
246 qualified public depositories.
247 6. Whether additional entities should be required to be
248 designated as qualified public depositories for the purpose of
249 holding gold and silver coin recognized as legal tender and, if
250 so, the requirements necessary to ensure the security of public
251 deposits made with such entities.
252 7. How fluctuations in the value of gold and silver
253 relative to the United States dollar would affect state deposits
254 held in the form of gold and silver coin recognized as legal
255 tender.
256 8. The impact that the volatility in the value of gold or
257 silver may have on the state’s economy and residents of the
258 state if gold and silver coin is recognized as legal tender.
259 9. Whether the state should increase investments in gold
260 and silver coin if it is recognized as legal tender and, if so,
261 to what extent and with which investment portfolios.
262 10. Whether or to what extent gold and silver coin
263 recognized as legal tender may be subject to federal capital
264 gains taxation.
265 11. Whether local sales taxes would be applicable to
266 transactions paid with gold and silver coin recognized as legal
267 tender.
268 12. Any other relevant consideration regarding state
269 acceptance of gold and silver coin recognized as legal tender
270 and the application of federal and state tax laws to such gold
271 and silver coin.
272 (f) Issues of public policy which the Legislature should
273 consider in deciding whether it should make gold and silver coin
274 legal tender, including, but not limited to, all of the
275 following public policy considerations:
276 1. The benefits or harms that the residents of this state
277 would be likely to realize from establishing gold and silver
278 coin as legal tender.
279 2. Current hinderances, if any, to persons holding and
280 saving gold and silver, investing in gold and silver, or using
281 gold and silver in commerce, and whether recognizing gold and
282 silver coin as legal tender would address those hinderances.
283 3. Whether states establishing gold and silver coin as
284 legal tender would increase the stability and value of gold and
285 silver, and the possible effects of such an outcome.
286 4. Whether the recognition of gold and silver coin as legal
287 tender by this state and other states would negatively affect
288 the value and stability of the United States dollar, and the
289 potential consequences of such an effect.
290 5. Whether the recognition of gold and silver coin as legal
291 tender by this state and other states would negatively impact
292 the United States dollar’s standing as the world’s principal
293 reserve currency, and the potential consequences of such an
294 outcome.
295 6. Whether the state should focus primarily on facilitating
296 electronically based transactions of gold and silver coin legal
297 tender, physically based transactions of gold and silver coin
298 legal tender, or both if the state decided to recognize gold and
299 silver coin as legal tender.
300 7. Whether the recognition of gold and silver coin as legal
301 tender by this state and other states would hinder the Federal
302 Reserve System’s ability to perform its functions, and the
303 potential effects of such interference.
304 (2) If the report required under subsection (1) recommends
305 that the state recognize gold and silver coin as legal tender,
306 the Department of Financial Services shall, on or before January
307 1, 2026, submit to the President of the Senate and the Speaker
308 of the House of Representatives comprehensive proposed statutory
309 and administrative rule language based upon the recommendations
310 in the report. The department may consult with any other state
311 agency it deems necessary in developing the proposed language
312 and may make any additional recommendations as it deems
313 necessary.
314 Section 2. This act shall take effect upon becoming a law.
315
316 ================= T I T L E A M E N D M E N T ================
317 And the title is amended as follows:
318 Delete everything before the enacting clause
319 and insert:
320 A bill to be entitled
321 An act relating to legal tender; requiring the
322 Department of Financial Services to contract with an
323 appropriate vendor to conduct a specified study and
324 submit a report to the Legislature by a specified
325 date; prohibiting the vendor from having certain
326 relationships; specifying requirements for the report;
327 requiring, by a specified date, the department to
328 provide proposed statutory and administrative rule
329 language if certain conditions are met; authorizing
330 the department to consult with other state agencies in
331 developing such language and to make additional
332 recommendations; providing an effective date.