Florida Senate - 2025 SENATOR AMENDMENT
Bill No. CS for HB 999
Ì6018749Î601874
LEGISLATIVE ACTION
Senate . House
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Senator Rodriguez moved 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, 2025,
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 that represents any person or entity that supports or
14 opposes, or otherwise has a conflict of interest in, recognizing
15 gold and silver coin as legal tender in this state. The report
16 must include a full listing of all individuals and sources
17 consulted, at least one of whom must be an economist and one of
18 whom must be a constitutional law scholar, in creating the
19 report and detail the information provided by or obtained from
20 such 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 them 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, Clause 5 of the United States
35 Constitution, including, but not limited to, any limitations
36 this provision may have on states’ authority, if any, to
37 recognize gold and silver coin as legal tender, including the
38 meaning of the terms “coin,” “money,” and “regulate the value
39 thereof,” and any 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
48 Article I, Section 8, Clause 3, the Commerce Clause of the
49 United States Constitution, or Article I, Section 8, Clause 18,
50 the Necessary and Proper Clause of the United States
51 Constitution, and any impact on a state’s authority to establish
52 gold and silver coin as legal tender.
53 5. The extent to which other federal or state
54 constitutional provisions, federal or state laws, or federal or
55 state regulations affect a state’s authority to establish gold
56 and silver coin as legal tender.
57 (b) Practical considerations and issues the state would
58 need to address if the state has the authority and the state
59 elects to make gold and silver coin legal tender. The report
60 must analyze in detail and provide recommendations to the
61 Legislature regarding the following topics:
62 1. Whether the state may establish criteria regarding the
63 purity of gold and silver coin recognized as legal tender and,
64 if so, whether the state should require certain purity standards
65 for gold and silver coin recognized as legal tender.
66 2. Whether the state may establish criteria regarding the
67 physical representations of gold and silver coin recognized as
68 legal tender, considering any relevant factors, including, but
69 not limited to, the costs and other practical barriers to
70 implementing gold and silver coin as legal tender for payments
71 of debts, taxes, or fees.
72 3. The possible uses and limitations of various physical
73 forms of gold and silver coin when used as legal tender, such as
74 coins, ingots, bullion, or bars, or other forms of gold or
75 silver.
76 4. The impact of interstate and international compatibility
77 standards, or lack thereof, on any potentially state-approved
78 forms of gold and silver coin as legal tender.
79 5. Whether state recognition of gold or silver coin as
80 legal tender may unduly burden interstate commerce.
81 6. The possible benefits and risks of establishing a system
82 in which gold and silver coin recognized as legal tender is
83 transacted electronically, and any laws and regulations
84 necessary to ensure consumer protections with regard to such
85 transactions.
86 7. The current availability of electronic payment systems
87 used to transact gold and silver and the access of state
88 residents to any such existing system if already in existence
89 and able to be used in the state.
90 8. Whether there are any technological challenges or costs
91 of implementing a point-of-sale system that integrates tendering
92 or accepting gold or silver coin as legal tender, and whether
93 such point-of-sale system would need to be implemented to be
94 able to tender or accept gold or silver in commerce.
95 9. The obligations, if any, of the state or a private
96 person in this state to tender or accept gold or silver coin if
97 such precious metals are recognized as legal tender for payment
98 of debts in this state; and, if such obligations exist, the
99 legal consequences, if any, of such state or person refusing to
100 tender or accept gold or silver coin recognized as legal tender.
101 10. The obligation, if any, of the state to recognize gold
102 and silver coin that has been recognized as legal tender in
103 other states or other countries in which it has been established
104 as legal tender.
105 11. Any other practical consideration that would need to be
106 addressed by the Legislature.
107 (c) A detailed review of the legal status of gold and
108 silver in all states of the United States, including whether
109 gold or silver is recognized as legal tender and the applicable
110 legal or regulatory framework where applicable. The review must
111 also detail any legislation that is being considered or has
112 previously been considered in those states, and the status and
113 outcome of such legislation.
114 (d) The changes to this state’s financial system regulation
115 that would be necessary to accommodate establishment of gold and
116 silver coin as legal tender and to protect the residents of this
117 state. The report must analyze in detail and provide
118 recommendations to the Legislature regarding the following
119 considerations:
120 1. Prevention of counterfeiting of gold and silver coin.
121 2. Whether banks, credit unions, and other financial
122 institutions would be or should be required under state law to
123 accept legal tender in the form of gold and silver coin for
124 deposits or loan repayment.
125 3. Whether banks, credit unions, and other financial
126 institutions are prevented under federal law and regulations
127 from accepting deposits of gold or silver coin recognized as
128 legal tender.
129 4. Whether gold and silver coin recognized as legal tender
130 qualifies as an insured deposit under the Federal Deposit
131 Insurance Corporation (FDIC) or the National Credit Union Share
132 Insurance Fund (NCUSIF).
133 5. Whether participation requirements for the FDIC and
134 NCUSIF prevent or restrict banks and credit unions from
135 accepting deposits of gold and silver coin recognized as legal
136 tender.
137 6. Whether the state should allow entities other than state
138 or federally chartered financial institutions to accept deposits
139 of gold and silver coin recognized as legal tender and, if so,
140 the laws, licensure requirements, and regulations that should be
141 adopted to protect the residents of this state.
142 7. Whether it is necessary for the state to ensure that
143 financial institutions or other entities that are involved in
144 transactions of gold and silver coin recognized as legal tender
145 are in compliance with applicable federal laws and, if so, how
146 the state would ensure such compliance.
147 8. The statutory and regulatory provisions necessary to
148 protect the residents of this state from fraud, volatility in
149 the value of gold and silver coin, or deceptive practices.
150 9. The statutory and regulatory provisions necessary to
151 ensure the security of deposits of gold and silver coin
152 recognized as legal tender, including insurance of such deposits
153 and requirements to prevent criminal actions, including, but not
154 limited to, the theft of gold and silver coin.
155 10. The willingness of financial institutions to
156 participate in transactions involving gold and silver coin
157 recognized as legal tender.
158 11. For entities that facilitate electronic transfers
159 involving gold and silver coin recognized as legal tender, the
160 laws and regulations that would be necessary to protect the
161 residents of this state, including licensure requirements,
162 recommended amendments to laws, and recommended new laws.
163 12. The effect on the use of gold and silver coin as legal
164 tender and on entities holding or facilitating transactions of
165 such legal tender if federal regulators classify gold and silver
166 coin recognized as legal tender by the state as a commodity or
167 financial security for regulatory purposes.
168 13. The risks of market manipulation or speculative trading
169 undermining the stability of gold and silver coin recognized as
170 legal tender, and how the state could mitigate any such risks.
171 14. Whether and, if so, to what extent consumer protections
172 for financial transactions under federal and state law would or,
173 with respect to the state, should apply to transactions
174 involving gold and silver coin recognized as legal tender.
175 15. Whether establishing gold and silver coin as legal
176 tender would facilitate criminal activity and, if so,
177 recommendations regarding laws and regulations that could
178 prevent such activity.
179 16. How federal reporting requirements for large
180 transactions or suspicious activity would apply to financial
181 institutions or other holders of deposits of gold and silver
182 coin recognized as legal tender, and how such entities would
183 comply with such requirements.
184 17. How federal and state laws relating to anti-money
185 laundering protocols or “know your customer” requirements would
186 apply to financial institutions or other entities that hold
187 deposits of, or facilitate transactions involving, gold and
188 silver coin recognized as legal tender, and how such entities
189 would comply with such requirements.
190 18. How gold and silver coin recognized as legal tender
191 would interact with electronic payment systems, such as the
192 Automated Clearing House or the Society for Worldwide Interbank
193 Financial Telecommunication.
194 19. Whether the state should establish a regulatory
195 framework for payment processors that handle transactions
196 involving gold and silver coin as legal tender.
197 20. How state and federal currency exchange laws apply to
198 transactions involving gold and silver coin recognized as legal
199 tender, and whether additional protections are needed.
200 21. Whether existing limitations on fees on debit and
201 credit card transactions apply to transactions involving gold
202 and silver coin that may be recognized as legal tender.
203 22. The benefits and risks of the state establishing a
204 state-run depository for deposits of gold and silver coin
205 recognized as legal tender, the laws and regulations that should
206 be adopted to regulate such depository, and the anticipated
207 costs of establishing and maintaining such depository.
208 23. The benefits and risks of the state relying solely on
209 private depositories for deposits of gold and silver coin
210 recognized as legal tender and the laws and regulations that
211 should be adopted to regulate private depositories in a state
212 where gold and silver coin are recognized as legal tender.
213 24. Any laws and regulations that should be adopted to
214 ensure that owners of gold and silver coin recognized as legal
215 tender can withdraw and take possession of their physical gold
216 and silver coin from a financial institution or depository.
217 25. The regulatory framework necessary to protect the
218 public, which state agencies should be charged with adopting and
219 implementing regulations, and the fiscal impact on each such
220 state agency to conduct such regulatory oversight. Consideration
221 should be given to existing regulatory systems and
222 recommendations made by relevant regulatory agencies that may be
223 responsible for any oversight or enforcement.
224 26. Any other changes to financial system regulation
225 necessary to protect the public.
226 (e) The acceptance by the state and local governments of
227 gold and silver coin recognized as legal tender and the
228 application of state and federal tax laws to such gold and
229 silver coin recognized as legal tender, including, but not
230 limited to, all of the following topics:
231 1. The benefits and risks of the state accepting gold and
232 silver coin recognized as legal tender for the payment of taxes,
233 debts, and other moneys owed to the state.
234 2. Whether the state would be obligated to accept gold and
235 silver coin recognized as legal tender or obligated to tender
236 gold and silver coin recognized as legal tender as payment upon
237 request.
238 3. Any laws and infrastructure that may be necessary for
239 the state to accept gold and silver coin recognized as legal
240 tender, and the anticipated costs of establishing and
241 maintaining such infrastructure.
242 4. The laws and regulations governing qualified public
243 depositories which may be affected by the establishment of gold
244 and silver coin as legal tender.
245 5. Any changes necessary for the state to make public
246 deposits of gold and silver coin recognized as legal tender in
247 qualified public depositories.
248 6. Whether additional entities should be designated as
249 qualified public depositories for the purpose of holding gold
250 and silver coin recognized as legal tender and, if so, the
251 requirements necessary to ensure the security of public deposits
252 made with such entities.
253 7. How fluctuations in the value of gold and silver
254 relative to the United States dollar would affect state deposits
255 held in the form of gold and silver coin recognized as legal
256 tender.
257 8. The impact that the volatility in the value of gold or
258 silver may have on the state’s economy and residents of the
259 state if gold and silver coin is recognized as legal tender.
260 9. Whether the state should increase investments in gold
261 and silver coin if it is recognized as legal tender and, if so,
262 to what extent and with which investment portfolios.
263 10. Whether or to what extent gold and silver coin
264 recognized as legal tender may be subject to federal capital
265 gains taxation.
266 11. Whether local sales taxes would be applicable to
267 transactions paid with gold and silver coin recognized as legal
268 tender.
269 12. Any other relevant considerations regarding state
270 acceptance of gold and silver coin recognized as legal tender
271 and the application of federal and state tax laws to such gold
272 and silver coin.
273 (f) Issues of public policy which the Legislature should
274 consider in deciding whether it should recognize gold and silver
275 coin as legal tender, including, but not limited to, all of the
276 following public policy considerations:
277 1. The benefits or harms that the residents of this state
278 would be likely to realize from recognizing gold and silver coin
279 as legal tender.
280 2. Current hinderances, if any, to persons holding and
281 saving gold and silver, investing in gold and silver, or using
282 gold and silver in commerce, and whether recognizing gold and
283 silver coin as legal tender would address those hinderances.
284 3. Whether states recognizing gold and silver coin as legal
285 tender would increase the stability and value of gold and
286 silver, and the possible effects of such an outcome.
287 4. Whether the recognition of gold and silver coin as legal
288 tender by this state and other states would negatively affect
289 the value and stability of the United States dollar, and the
290 potential consequences of such an effect.
291 5. Whether the recognition of gold and silver coin as legal
292 tender by this state and other states would negatively impact
293 the United States dollar’s standing as the world’s principal
294 reserve currency, and the potential consequences of such an
295 outcome.
296 6. Whether the state should focus primarily on facilitating
297 electronically based transactions of gold and silver coin legal
298 tender, physically based transactions of gold and silver coin
299 legal tender, or both if the state decided to recognize gold and
300 silver coin as legal tender.
301 7. Whether the recognition of gold and silver coin as legal
302 tender by this state and other states would hinder the Federal
303 Reserve System’s ability to perform its functions, and the
304 potential effects of such interference.
305 (2) If the report required under subsection (1) recommends
306 that the state recognize gold and silver coin as legal tender,
307 the Department of Financial Services shall, on or before January
308 1, 2026, submit to the President of the Senate and the Speaker
309 of the House of Representatives comprehensive proposed statutory
310 and administrative rule language based upon the recommendations
311 in the report. The department may consult with any other state
312 agency it deems necessary in developing the proposed language
313 and may make any additional recommendations as it deems
314 necessary.
315 Section 2. This act shall take effect upon becoming a law.
316
317 ================= T I T L E A M E N D M E N T ================
318 And the title is amended as follows:
319 Delete everything before the enacting clause
320 and insert:
321 A bill to be entitled
322 An act relating to legal tender; requiring the
323 Department of Financial Services to contract with an
324 appropriate vendor to conduct a specified study and
325 submit a report to the Legislature by a specified
326 date; prohibiting the vendor from having certain
327 relationships; specifying requirements for the report;
328 requiring, by a specified date, the department to
329 provide proposed statutory and administrative rule
330 language if certain conditions are met; authorizing
331 the department to consult with other state agencies in
332 developing such language and to make additional
333 recommendations; providing an effective date.