Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee holds bill to let state contract precious-metals payment platforms after heated testimony
Summary
House Bill 195 would let the state procure one or more private platforms that convert vendor payments into gold- or silver-backed accounts; supporters said the change builds trust and challenges federal tax treatment, while industry witnesses warned it risks government competition and regulatory gaps. The committee deadlocked and held the bill for further consideration.
Representative Ivory introduced House Bill 195 (first substitute), a proposal to let the state select one or more private precious-metals-backed electronic payment platforms so vendors could elect to receive payment credited in gold or silver.
Marlowe Oakes, Utah state treasurer, told the Senate Government Operations and Political Subdivisions Committee the bill ‘‘does not purchase precious metals’’ on behalf of vendors. "The state is becoming a customer of one or more platforms," Oakes said, describing the measure as a competitive procurement similar to how the state acquires banking services. He said platforms would convert transmitted dollars into precious-metals-backed credits, with the physical…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
