Committee advances bill refining legal-tender rules for gold and silver and repealing sunset
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Summary
SB 1588 would refine custodian definitions and ratify administrative rules for recognizing gold and silver as legal tender, and would repeal the June 30, 2026 sunset; senators raised questions about verification and risks from bad actors.
Senate Bill 1588, presented by Senator Gruters, was reported favorably by the Banking and Insurance Committee. The bill follows last year’s recognition of gold and silver as legal tender (HB 999) and would refine definitions — narrowing the custodian definition to focus on electronic transmission providers — ratify rules from the Department of Financial Services and the Office of Financial Regulation, and repeal the statute’s sunset provision scheduled for June 30, 2026.
Senator Gruters said the measure aims to allow transactions and custody arrangements for precious metals while preserving safe operations for dealers that had been operating prior to 2025. President Pasadomel voiced concern about the lack of regulation against bad actors and the potential for money laundering and terrorism financing; Senator Gruters said amendments were forthcoming to address verification (including vault inspection language) in subsequent stops. Senator Boyd expressed support and said the bill brings Florida into a modern approach to currency options.
The committee recorded SB 1588 as reported favorably after questions and discussion.