PRECIOUS METALS | Alaska Senate Advances Gold and Silver Legal Tender Legislation

The Alaska State Senate has nearly unanimously passed legislation to advance gold and silver as legal tender, according to Jin10. Supporters argue that the bill will protect financial freedom and help local precious metal dealers compete fairly with tax-exempt online competitors. The "Sound Money Act" was approved by the state Senate on May 11 with a vote of 19 in favor and 1 against, and it has been submitted to Governor Mike Dunleavy for final review. Previously, the bill passed the state House unanimously with 40 votes in favor. The legislation formally recognizes gold and silver coins, as well as officially stamped gold and silver bars, as legal tender to the fullest extent permitted by federal law. Crucially, the bill ensures that transactions conducted with physical precious metals will not be considered taxable sales or use transactions at the local level. The bill does not mandate individuals or businesses to accept precious metals as payment, aiming to maintain the voluntary nature of currency transactions while formally granting gold and silver the status of legitimate financial instruments.