Florida Senate - 2025 CS for CS for SB 132
By the Committees on Appropriations; and Banking and Insurance;
and Senators Rodriguez, Gruters, and Burgess
576-03823A-25 2025132c2
1 A bill to be entitled
2 An act relating to legal tender; requiring the
3 Department of Financial Services to contract with an
4 appropriate vendor to conduct a specified study and
5 submit a report to the Legislature by a specified
6 date; prohibiting the vendor from having certain
7 relationships; specifying requirements for the report;
8 requiring, by a specified date, the department to
9 provide proposed statutory and administrative rule
10 language if certain conditions are met; authorizing
11 the department to consult with other state agencies in
12 developing such language and to make additional
13 recommendations; providing an effective date.
14
15 Be It Enacted by the Legislature of the State of Florida:
16
17 Section 1. (1) The Department of Financial Services shall
18 contract with an appropriate vendor to conduct a study and
19 submit a report to the President of the Senate and the Speaker
20 of the House of Representatives on or before December 1, 2025,
21 as to whether the State of Florida should recognize gold and
22 silver coin as legal tender. The vendor conducting the study and
23 submitting the report may not have any contractual or monetary
24 relationship with any person or entity that supports or opposes,
25 or that represents any person or entity that supports or
26 opposes, or otherwise has a conflict of interest in, recognizing
27 gold and silver coin as legal tender in this state. The report
28 must include a full listing of all individuals and sources
29 consulted, at least one of whom must be an economist and one of
30 whom must be a constitutional law scholar, in creating the
31 report and detail the information provided by or obtained from
32 such sources. The report must address the following subjects,
33 analyzing each in detail and providing recommendations to the
34 Legislature:
35 (a) Any authority that states have to establish gold and
36 silver coin as legal tender and, if states have such authority,
37 the extent of that authority. The report must address the
38 following subjects, analyze them in detail, and provide
39 recommendations to the Legislature regarding the following
40 topics:
41 1. Whether states have authority under the United States
42 Constitution to recognize forms of legal tender not recognized
43 by the Federal Government and, if so, the extent of that
44 authority.
45 2. The coinage power of the United States Congress under
46 Article I, Section 8, Clause 5 of the United States
47 Constitution, including, but not limited to, any limitations
48 this provision may have on states’ authority, if any, to
49 recognize gold and silver coin as legal tender, including the
50 meaning of the terms “coin,” “money,” and “regulate the value
51 thereof,” and any related recommendations.
52 3. The meaning of Article I, Section 10, Clause 1 of the
53 United States Constitution, with regard to the prohibition on
54 states coining money or emitting bills of credit, and the
55 allowance to make gold and silver coin a tender in payment of
56 debts. The report must address the terms “coining money,”
57 “emitting bills of credit,” “coin,” and “debts,” and any related
58 recommendations.
59 4. The authority of the United States Congress under
60 Article I, Section 8, Clause 3, the Commerce Clause of the
61 United States Constitution, or Article I, Section 8, Clause 18,
62 the Necessary and Proper Clause of the United States
63 Constitution, and any impact on a state’s authority to establish
64 gold and silver coin as legal tender.
65 5. The extent to which other federal or state
66 constitutional provisions, federal or state laws, or federal or
67 state regulations affect a state’s authority to establish gold
68 and silver coin as legal tender.
69 (b) Practical considerations and issues the state would
70 need to address if the state has the authority and the state
71 elects to make gold and silver coin legal tender. The report
72 must analyze in detail and provide recommendations to the
73 Legislature regarding the following topics:
74 1. Whether the state may establish criteria regarding the
75 purity of gold and silver coin recognized as legal tender and,
76 if so, whether the state should require certain purity standards
77 for gold and silver coin recognized as legal tender.
78 2. Whether the state may establish criteria regarding the
79 physical representations of gold and silver coin recognized as
80 legal tender, considering any relevant factors, including, but
81 not limited to, the costs and other practical barriers to
82 implementing gold and silver coin as legal tender for payments
83 of debts, taxes, or fees.
84 3. The possible uses and limitations of various physical
85 forms of gold and silver coin when used as legal tender, such as
86 coins, ingots, bullion, or bars, or other forms of gold or
87 silver.
88 4. The impact of interstate and international compatibility
89 standards, or lack thereof, on any potentially state-approved
90 forms of gold and silver coin as legal tender.
91 5. Whether state recognition of gold or silver coin as
92 legal tender may unduly burden interstate commerce.
93 6. The possible benefits and risks of establishing a system
94 in which gold and silver coin recognized as legal tender is
95 transacted electronically, and any laws and regulations
96 necessary to ensure consumer protections with regard to such
97 transactions.
98 7. The current availability of electronic payment systems
99 used to transact gold and silver and the access of state
100 residents to any such existing system if already in existence
101 and able to be used in the state.
102 8. Whether there are any technological challenges or costs
103 of implementing a point-of-sale system that integrates tendering
104 or accepting gold or silver coin as legal tender, and whether
105 such point-of-sale system would need to be implemented to be
106 able to tender or accept gold or silver in commerce.
107 9. The obligations, if any, of the state or a private
108 person in this state to tender or accept gold or silver coin if
109 such precious metals are recognized as legal tender for payment
110 of debts in this state; and, if such obligations exist, the
111 legal consequences, if any, of such state or person refusing to
112 tender or accept gold or silver coin recognized as legal tender.
113 10. The obligation, if any, of the state to recognize gold
114 and silver coin that has been recognized as legal tender in
115 other states or other countries in which it has been established
116 as legal tender.
117 11. Any other practical consideration that would need to be
118 addressed by the Legislature.
119 (c) A detailed review of the legal status of gold and
120 silver in all states of the United States, including whether
121 gold or silver is recognized as legal tender and the applicable
122 legal or regulatory framework where applicable. The review must
123 also detail any legislation that is being considered or has
124 previously been considered in those states, and the status and
125 outcome of such legislation.
126 (d) The changes to this state’s financial system regulation
127 that would be necessary to accommodate establishment of gold and
128 silver coin as legal tender and to protect the residents of this
129 state. The report must analyze in detail and provide
130 recommendations to the Legislature regarding the following
131 considerations:
132 1. Prevention of counterfeiting of gold and silver coin.
133 2. Whether banks, credit unions, and other financial
134 institutions would be or should be required under state law to
135 accept legal tender in the form of gold and silver coin for
136 deposits or loan repayment.
137 3. Whether banks, credit unions, and other financial
138 institutions are prevented under federal law and regulations
139 from accepting deposits of gold or silver coin recognized as
140 legal tender.
141 4. Whether gold and silver coin recognized as legal tender
142 qualifies as an insured deposit under the Federal Deposit
143 Insurance Corporation (FDIC) or the National Credit Union Share
144 Insurance Fund (NCUSIF).
145 5. Whether participation requirements for the FDIC and
146 NCUSIF prevent or restrict banks and credit unions from
147 accepting deposits of gold and silver coin recognized as legal
148 tender.
149 6. Whether the state should allow entities other than state
150 or federally chartered financial institutions to accept deposits
151 of gold and silver coin recognized as legal tender and, if so,
152 the laws, licensure requirements, and regulations that should be
153 adopted to protect the residents of this state.
154 7. Whether it is necessary for the state to ensure that
155 financial institutions or other entities that are involved in
156 transactions of gold and silver coin recognized as legal tender
157 are in compliance with applicable federal laws and, if so, how
158 the state would ensure such compliance.
159 8. The statutory and regulatory provisions necessary to
160 protect the residents of this state from fraud, volatility in
161 the value of gold and silver coin, or deceptive practices.
162 9. The statutory and regulatory provisions necessary to
163 ensure the security of deposits of gold and silver coin
164 recognized as legal tender, including insurance of such deposits
165 and requirements to prevent criminal actions, including, but not
166 limited to, the theft of gold and silver coin.
167 10. The willingness of financial institutions to
168 participate in transactions involving gold and silver coin
169 recognized as legal tender.
170 11. For entities that facilitate electronic transfers
171 involving gold and silver coin recognized as legal tender, the
172 laws and regulations that would be necessary to protect the
173 residents of this state, including licensure requirements,
174 recommended amendments to laws, and recommended new laws.
175 12. The effect on the use of gold and silver coin as legal
176 tender and on entities holding or facilitating transactions of
177 such legal tender if federal regulators classify gold and silver
178 coin recognized as legal tender by the state as a commodity or
179 financial security for regulatory purposes.
180 13. The risks of market manipulation or speculative trading
181 undermining the stability of gold and silver coin recognized as
182 legal tender, and how the state could mitigate any such risks.
183 14. Whether and, if so, to what extent consumer protections
184 for financial transactions under federal and state law would or,
185 with respect to the state, should apply to transactions
186 involving gold and silver coin recognized as legal tender.
187 15. Whether establishing gold and silver coin as legal
188 tender would facilitate criminal activity and, if so,
189 recommendations regarding laws and regulations that could
190 prevent such activity.
191 16. How federal reporting requirements for large
192 transactions or suspicious activity would apply to financial
193 institutions or other holders of deposits of gold and silver
194 coin recognized as legal tender, and how such entities would
195 comply with such requirements.
196 17. How federal and state laws relating to anti-money
197 laundering protocols or “know your customer” requirements would
198 apply to financial institutions or other entities that hold
199 deposits of, or facilitate transactions involving, gold and
200 silver coin recognized as legal tender, and how such entities
201 would comply with such requirements.
202 18. How gold and silver coin recognized as legal tender
203 would interact with electronic payment systems, such as the
204 Automated Clearing House or the Society for Worldwide Interbank
205 Financial Telecommunication.
206 19. Whether the state should establish a regulatory
207 framework for payment processors that handle transactions
208 involving gold and silver coin as legal tender.
209 20. How state and federal currency exchange laws apply to
210 transactions involving gold and silver coin recognized as legal
211 tender, and whether additional protections are needed.
212 21. Whether existing limitations on fees on debit and
213 credit card transactions apply to transactions involving gold
214 and silver coin that may be recognized as legal tender.
215 22. The benefits and risks of the state establishing a
216 state-run depository for deposits of gold and silver coin
217 recognized as legal tender, the laws and regulations that should
218 be adopted to regulate such depository, and the anticipated
219 costs of establishing and maintaining such depository.
220 23. The benefits and risks of the state relying solely on
221 private depositories for deposits of gold and silver coin
222 recognized as legal tender and the laws and regulations that
223 should be adopted to regulate private depositories in a state
224 where gold and silver coin are recognized as legal tender.
225 24. Any laws and regulations that should be adopted to
226 ensure that owners of gold and silver coin recognized as legal
227 tender can withdraw and take possession of their physical gold
228 and silver coin from a financial institution or depository.
229 25. The regulatory framework necessary to protect the
230 public, which state agencies should be charged with adopting and
231 implementing regulations, and the fiscal impact on each such
232 state agency to conduct such regulatory oversight. Consideration
233 should be given to existing regulatory systems and
234 recommendations made by relevant regulatory agencies that may be
235 responsible for any oversight or enforcement.
236 26. Any other changes to financial system regulation
237 necessary to protect the public.
238 (e) The acceptance by the state and local governments of
239 gold and silver coin recognized as legal tender and the
240 application of state and federal tax laws to such gold and
241 silver coin recognized as legal tender, including, but not
242 limited to, all of the following topics:
243 1. The benefits and risks of the state accepting gold and
244 silver coin recognized as legal tender for the payment of taxes,
245 debts, and other moneys owed to the state.
246 2. Whether the state would be obligated to accept gold and
247 silver coin recognized as legal tender or obligated to tender
248 gold and silver coin recognized as legal tender as payment upon
249 request.
250 3. Any laws and infrastructure that may be necessary for
251 the state to accept gold and silver coin recognized as legal
252 tender, and the anticipated costs of establishing and
253 maintaining such infrastructure.
254 4. The laws and regulations governing qualified public
255 depositories which may be affected by the establishment of gold
256 and silver coin as legal tender.
257 5. Any changes necessary for the state to make public
258 deposits of gold and silver coin recognized as legal tender in
259 qualified public depositories.
260 6. Whether additional entities should be designated as
261 qualified public depositories for the purpose of holding gold
262 and silver coin recognized as legal tender and, if so, the
263 requirements necessary to ensure the security of public deposits
264 made with such entities.
265 7. How fluctuations in the value of gold and silver
266 relative to the United States dollar would affect state deposits
267 held in the form of gold and silver coin recognized as legal
268 tender.
269 8. The impact that the volatility in the value of gold or
270 silver may have on the state’s economy and residents of the
271 state if gold and silver coin is recognized as legal tender.
272 9. Whether the state should increase investments in gold
273 and silver coin if it is recognized as legal tender and, if so,
274 to what extent and with which investment portfolios.
275 10. Whether or to what extent gold and silver coin
276 recognized as legal tender may be subject to federal capital
277 gains taxation.
278 11. Whether local sales taxes would be applicable to
279 transactions paid with gold and silver coin recognized as legal
280 tender.
281 12. Any other relevant considerations regarding state
282 acceptance of gold and silver coin recognized as legal tender
283 and the application of federal and state tax laws to such gold
284 and silver coin.
285 (f) Issues of public policy which the Legislature should
286 consider in deciding whether it should recognize gold and silver
287 coin as legal tender, including, but not limited to, all of the
288 following public policy considerations:
289 1. The benefits or harms that the residents of this state
290 would be likely to realize from recognizing gold and silver coin
291 as legal tender.
292 2. Current hinderances, if any, to persons holding and
293 saving gold and silver, investing in gold and silver, or using
294 gold and silver in commerce, and whether recognizing gold and
295 silver coin as legal tender would address those hinderances.
296 3. Whether states recognizing gold and silver coin as legal
297 tender would increase the stability and value of gold and
298 silver, and the possible effects of such an outcome.
299 4. Whether the recognition of gold and silver coin as legal
300 tender by this state and other states would negatively affect
301 the value and stability of the United States dollar, and the
302 potential consequences of such an effect.
303 5. Whether the recognition of gold and silver coin as legal
304 tender by this state and other states would negatively impact
305 the United States dollar’s standing as the world’s principal
306 reserve currency, and the potential consequences of such an
307 outcome.
308 6. Whether the state should focus primarily on facilitating
309 electronically based transactions of gold and silver coin legal
310 tender, physically based transactions of gold and silver coin
311 legal tender, or both if the state decided to recognize gold and
312 silver coin as legal tender.
313 7. Whether the recognition of gold and silver coin as legal
314 tender by this state and other states would hinder the Federal
315 Reserve System’s ability to perform its functions, and the
316 potential effects of such interference.
317 (2) If the report required under subsection (1) recommends
318 that the state recognize gold and silver coin as legal tender,
319 the Department of Financial Services shall, on or before January
320 1, 2026, submit to the President of the Senate and the Speaker
321 of the House of Representatives comprehensive proposed statutory
322 and administrative rule language based upon the recommendations
323 in the report. The department may consult with any other state
324 agency it deems necessary in developing the proposed language
325 and may make any additional recommendations as it deems
326 necessary.
327 Section 2. This act shall take effect upon becoming a law.