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Committee approves substitute to recognize electronic gold and silver transactions; bankers voice opposition
Summary
A substitute for House Bill 386 that recognizes gold and silver as legal tender in electronic form (gold-backed debit instruments) was adopted and reported favorable after debate; the Office of Financial Institutions and Louisiana Bankers Association raised licensing and policy concerns.
The House Commerce Committee on May 19, 2025, voted to report a substitute for House Bill 386 that recognizes gold and silver as legal tender when used in electronic transactional form and clarifies that gold‑backed debit instruments may be used as legal tender.
Representative Jason Cruz (presenting HB 386) described the substitute as a narrower measure than earlier versions. Cruz said he “struck the whole paragraph and reworded” the bill to remove language that had raised concern with the Louisiana Bankers Association and to avoid state involvement in setting up a depository or a state office. Cruz summarized the substitute: “All this does really, you know, senator Abraham last year passed the law that said we recognize gold and silver as legal tender, and I just…
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