In April 2024, the Alaska Senate State Affairs Committee advanced House Bill 3 (HB3), introduced by Rep. Kevin McCabe in 2023, aiming to establish gold and silver as legal tender within the state. The legislation seeks to recognize gold and silver specie as a medium of exchange for debt payments, effectively treating them on par with Federal Reserve notes. HB3 also proposes exempting the exchange of specie from local sales and use taxes, as Alaska lacks a state-level income or sales tax. The bill defines "specie legal tender" to include gold or silver coins or bullion issued by the federal government, recognized foreign governments, or the state government upon judicial approval. Having previously passed the House, HB3 now moves forward in the legislative process.