Alaska Senate passes bill to recognize gold and silver as legal tender

The Alaska State Senate has passed the "Sound Money Act," a bill to recognize gold and silver as legal tender, with a vote of 19 to one. The bill, which passed the Senate on May 11, has been sent to Governor Mike Dunleavy for his final signature. It previously passed the state's House of Representatives with a unanimous 40-vote majority. The legislation officially recognizes gold and silver coins and officially stamped bullion as legal tender to the maximum extent permitted by federal law. It also specifies that physical transactions of precious metals are exempt from local sales or use taxes. However, the bill does not compel individuals or businesses to accept precious metals as payment, aiming to grant gold and silver the status of a legal financial instrument while maintaining the voluntary nature of transactions. Supporters argue the law protects financial freedom and helps local precious metal dealers compete fairly with tax-exempt online retailers.