Senate passes house bill making gold and silver legal tender in Florida

In a recent session of the Florida State Legislature, significant discussions centered around the proposed legislation regarding the use of gold and silver coins as legal tender. The meeting, held on April 29, 2025, saw multiple bills postponed, but the focus quickly shifted to Senate Bill 132, which aims to establish gold and silver coins as legal tender in Florida.

Senator Rodriguez introduced the bill, which mandates the Department of Financial Services to conduct a study on the implications of recognizing gold and silver coins as legal tender. The findings of this study are expected to be reported to legislative leaders by December 1, 2025. If the study supports the adoption of these coins, the department will also draft necessary legislation and rules by January 1, 2026.

The bill outlines regulatory requirements for entities involved in transactions of gold and silver coins, ensuring that custodians are licensed and adhere to strict guidelines regarding security and record-keeping. Notably, the legislation does not compel businesses or financial institutions to accept gold or silver coins as payment, addressing concerns about potential economic disruptions.

During the discussion, several senators expressed apprehension regarding the complexities of implementing such a system. Senator Berman raised concerns about the potential for exploitation in the gold market, particularly affecting vulnerable populations. He emphasized the need for a thorough feasibility study before full implementation, highlighting the risks associated with a gold standard in modern economies.

Senator Rodriguez defended the bill, asserting that it takes a measured approach by allowing agencies to conduct due diligence and develop rules that will be subject to legislative ratification. He noted that other states have successfully passed similar legislation, suggesting a growing trend towards recognizing precious metals in financial transactions.

The session concluded with the bill moving forward, albeit with lingering concerns about its implications and the need for careful oversight. As the legislature prepares for further discussions, the outcome of the study and the subsequent rules will be critical in shaping Florida's approach to legal tender and its economic landscape.