Salt Lake City, UT — Utah has reaffirmed its commitment to restoring gold and silver to practical use in the modern economy. HB 195, Precious Metals Amendments, became law after Governor Spencer Cox allowed the legislation to take effect without his signature, marking the Legislature's second consecutive effort to advance a precious metals-backed electronic payment system.
Sponsored by Rep. Ken Ivory (R-West Jordan) and Sen. Keith Grover (R-Provo), the legislation directs the State Treasurer to begin developing the infrastructure for a state-authorized precious metals-backed electronic payment system through one or more competitive requests for proposals (RFPs) issued to qualified private-sector providers.
Governor Cox vetoed substantially similar legislation in 2025. This year, after lawmakers again approved the proposal, he chose to allow the bill to become law without his signature, acknowledging both the Legislature's continued support for the concept and the differing views surrounding its implementation.
HB 195 represents an important step in the evolution of the constitutional money movement. While many earlier state sound money laws focused on recognizing gold and silver as legal tender or removing tax barriers to their use, Utah has taken the next step by directing state officials to begin building the infrastructure needed to support precious metals transactions in a modern economy.
Utah's approach differs from other states. Rather than establishing a statutory framework authorizing private constitutional money providers, HB 195 directs the State Treasurer to competitively procure one or more privately operated payment systems. Although states are pursuing different implementation models, they share a common objective: making constitutional money practical and accessible in everyday commerce.
HB 195:
With HB 195 now in effect, the State Treasurer will begin the process of soliciting proposals from qualified private-sector providers and continuing the development of Utah's constitutional money infrastructure.
Utah joins a growing number of states—including Arkansas, Florida, Texas, Louisiana, and Missouri—that have enacted legislation expanding the practical use of gold and silver. While each state has chosen its own path, together these efforts reflect a growing national movement to restore constitutional money as a viable option for saving, investing, and transacting in the twenty-first century.
The Transactional Gold Project is a national educational initiative dedicated to restoring gold and silver to practical use as constitutional money. The Project provides research, educational resources, and policy support to legislators, state officials, and the public as states explore modern constitutional money solutions.
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Tags: Utah, Precious Metals, Legislation
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