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Utah study group examines gold as alternate payment system, seeks legal and technical fixes to capital-gains barrier
Summary
Treasurer Marlo Oakes and Rep. Ken Ivory convened a study group to explore whether Utah can receive or pay in gold—addressing capital-gains taxation, custody and banking consequences—and to plan follow-up work before an October interim report.
Marlo Oakes, Utah state treasurer, convened the study group to consider whether the state should hold or accept gold as an alternate store of value and medium of payment, and to identify legal, tax and operational hurdles. Representative Ken Ivory (sponsor of House Bill 348) framed the effort as contingency planning to preserve the state's ability to pay employees and buy goods if the U.S. dollar's value deteriorates.
The meeting heard a legal history and practical policy analysis, tax‑commission operational details and a vendor demonstration of a live transactional platform. Jason Cousins, founder and CEO of Glint, told the group that "Glint is already up and running, and we're completely compliant with all the rules, that exist." Participants agreed to follow up with offline technical and legislative meetings and to prepare recommendations for the October interim committee report. No formal votes or legislative decisions were made at the meeting.
