SB424: SB424 "Transactional Gold and Silver Act"; enact

Georgia law does not currently treat gold and silver coins as legal tender or provide a state-run system for storing and spending them. This bill, called the Transactional Gold and Silver Act, would change that by adding a new article to Georgia's Office of State Treasurer law (O.C.G.A. Chapter 5A of Title 50). The bill creates a six-member Bullion Depository Commission, appointed by the Governor, the Senate President, and the House Speaker, to set rules for one or more secure bullion depositories where people can store gold and silver. It also authorizes an electronic payment system that lets account holders spend their stored metal with participating vendors. Gold coins must be at least 99.5 percent pure and silver coins 99.9 percent pure. Deposits must be fully insured, remain the depositor's private property, and cannot be used for surveillance or 'social credit scoring.' Exchanges of gold and silver specie would not be taxed. The commission must implement the system by January 1, 2028, and report annually to the General Assembly starting July 1, 2028. The Act would take effect once the Governor signs it or it otherwise becomes law.

• Declares gold and silver specie legal tender in Georgia for debts, taxes, and fees when both parties or the government agree to accept it.
• Creates a six-member Bullion Depository Commission to set rules for storing, insuring, and verifying gold and silver bullion held in state-authorized depositories.
• Authorizes an electronic payment system letting depository account holders pay participating vendors using their stored gold and silver.
• Requires all deposits to be insured for 100 percent of their replacement value and protected as the depositor's sole property.
• Bans using the depository or payment system for surveillance, social credit scoring, or behavioral or economic control.
• Exempts purchases, sales, and exchanges of gold and silver specie from state tax liability.

Georgians who want to buy, sell, or hold gold and silver as an alternative currency; private businesses that may choose to accept it; state and local governments deciding whether to accept it for taxes and fees; and the newly created Bullion Depository Commission, which would oversee depositories, depository agents, and electronic payment vendors.

If enacted, Georgians could store gold and silver in a state-backed depository and spend it electronically like currency, giving them another way to hold and exchange wealth. No one, including businesses and government, would be forced to accept it, and its use for taxes depends on whether the state or locality opts in.

• Section 50-5A-21 defines key terms including 'gold and silver specie,' 'bullion depository,' 'electronic payment system,' and 'social credit scoring system.'
• Section 50-5A-22 creates the six-member Bullion Depository Commission, with members appointed by the Governor, Senate President, and House Speaker, plus a nonvoting state treasurer or designee.
• Section 50-5A-24 sets purity standards: gold coin must be at least 99.5 percent pure, silver coin at least 99.9 percent pure.
• Section 50-5A-25 recognizes gold and silver specie as legal tender for debts between consenting private parties and for government obligations if the government agrees to accept it, but requires no one to accept it.
• Section 50-5A-26 directs the commission to set rules for depositories and electronic payment systems, including security, privacy, fraud prevention, and compliance with money transmitter laws.
• Section 50-5A-28 requires the bullion depository to insure all deposits for 100 percent of full replacement value.
• Section 50-5A-31 requires the commission to implement the article by January 1, 2028, with annual reports to the General Assembly starting July 1, 2028.
• Section 50-5A-33 exempts exchanges, purchases, and sales of gold and silver specie from state tax liability.

1. 2026-03-10House Second Readers (House)
2. 2026-03-09House First Readers (House)
3. 2026-03-06Senate Passed/Adopted (Senate)
4. 2026-03-06Senate Third Read (Senate)
5. 2026-03-06Senate Taken from Table (Senate)
6. 2026-03-06Senate Tabled (Senate)
7. 2026-02-26Senate Read Second Time (Senate)
8. 2026-02-25Senate Committee Favorably Reported (Senate)

• Marty Harbin (R, SD-016)Primary sponsor
• Jason Anavitarte (R, SD-031)
• Carden Summers (R, SD-013)
• Matt Brass (R, SD-006)
• Max Burns (R, SD-023)
• Ricky Williams (R, SD-025)
• Russ Goodman (R, SD-008)
• Blake Tillery (R, SD-019)
• Brian Strickland (R, SD-042)
• Shawn Still (R, SD-048)
• Randy Robertson (R, SD-029)
• Billy Hickman (R, SD-004)
• Kay Kirkpatrick (R, SD-032)
• Sonya Halpern (D, SD-039)
• Ed Setzler (R, SD-037)
• Clint Dixon (R, SD-045)
• Derek Mallow (D, SD-002)

1. PassedSenate voteMarch 6, 2026

   29 yea, 21 nay (2 not voting, 3 absent)

   Passage: Senate Vote #683

• gold and silver legal tender
• state treasurer
• precious metals depository
• tax exemptions
• digital payment systems