Arizona's Bullion Depository Bill

In February 2024, the Arizona Senate passed Senate Bill 1633, aiming to establish the Arizona Bullion Depository and introduce a gold and silver-backed transactional currency recognized as legal tender within the state. The proposed depository would securely store precious metals for both the state and private entities, facilitating transactions using state-minted gold and silver coins or a specie-backed digital currency. This initiative seeks to provide Arizonans with an alternative to fiat currency, promoting financial security and sound money practices. The legislation draws inspiration from a similar law enacted in Texas in 2015, which led to the creation of a state bullion depository. By enabling everyday use of gold and silver in transactions, Arizona aims to challenge the Federal Reserve's monetary monopoly and enhance economic resilience.