Last year, Rep. Kevin McCabe of Big Lake introduced a bill that would recognize gold and silver as legal tender. It would also repeal local sales taxes on both. He introduced a similar bill this year.
Another state is already blazing ahead on the same front. Utah has recently made major legislative strides in integrating both precious metals and digital assets into its financial ecosystem. Two bills advanced by Republican congressmen offer templates of what can be accomplished in Alaska.
The first, House Bill 306, introduced by Rep. Ken Ivory, enables government vendors to be paid in gold and silver. If signed into law by Gov. Spencer Cox, the state treasurer will establish an electronic payment platform backed by these metals. It would be the first system of its kind in America.
“In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” Ivory said in a news release. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”
The second piece of legislation, shepherded by Rep. Jordan Teuscher, follows the same line of thinking with digital currency.
Under House Bill 230, Utah would invest roughly five percent of public funds in cryptocurrency and blockchain technology. According to Tuescher, this would be a key step toward establishing crucial rights for those who own or mine digital currencies.
At present, there are 28 states that have entertained proposals to use public dollars to fund these currencies. Last year, Pennsylvania lawmakers attempted to advance a bill that would have created a strategic reserve for Bitcoin, the world’s largest digital asset. The legislation died during the committee review process.
The White House announced that it would also create a national crypto strategic reserve. Not without some concern, though. Joe Lonsdale, an entrepreneur in the digital finance space, tweeted that it would be “wrong to tax me for crypto bro schemes.”
Alaska Rep. Nick Begich has been at the forefront of bitcoin legislation on the national level. He and Sen. Cynthia Lummis introduced the BITCOIN Act of 2025, to set a national cryptocurrency policy, establishing a Strategic Bitcoin Reserve to enhance America’s financial security, global competitiveness, and economic sovereignty.
Announced at the Bitcoin for America Summit, Congressman Begich’s bill recognizes the importance of Bitcoin as a strategic national asset. Congressman Begich said that the United States must take proactive measures to remain at the forefront of the financial revolution.
While there aren’t major pieces of legislation related to digital assets on the horizon in Alaska, the passage of McCabe’s bill would broaden the options available to consumers by converting gold and silver to legal tender, as opposed to just investment vehicles.
How can crypto currency be used for legal tender when nothing is backing it? It totally is just a made up concept.
Karen, yup just like those Federal Reserve Notes that we trade with everyday. The notes created out of thin air by your Privately owned Federal Reserve Bank.
I’m not into crypto currency, but at least it’s organic and not controlled by oligarchics.
Our Founders liked Gold and Silver, they eschewed paper. Samuel Chase a paper money guy didn’t attend the Constitutional Convention…
Karen,
Wait till you learn what fiat money means.
Federal Reserve Note. Hahaha, backed by NOTHING.
Interestingly enough, humans find all ways to exchange energy for something they want.
Same as our current currency.
So-called “cryptocurrencies”, with their inherent tracking and surveillance abilities, reek too much to me of the Mark of the Beast.
I will NEVER have anything to do with them.
Let me know when Warren Buffet thinks this is a good idea.
Gold silver platinum yes: precious metals with 5k-yrs of history. Crypto no; the O’s & 1’s can be vaporized in a split second and there are many issues to sort out prior to pre-implementation.
As my dad used to say: “It’s all fun and games ‘till the power goes out.”
If it’s legal tender then the IRS will be taking their cut every time it’s exchanged?
Warren Buffet has categorically said he would never touch crypocurrency. Crypo is just made up BS. Our government needs to stay the hell out of it.
Buffett told CNBC in 2018. “We don’t own any, we’re not short any, we’ll never have a position in them.”
Yet everything WB has is represented by ones and zeros on a computer/computer grid. Everything is digital and crypto now. He’s not saying crypto is bad, he’s saying he does not trust the backing. But show me what tangible assets backs his digital platform. Its the accepted trading medium he is guarding. There’s more to the story, has to be.
Your paper money is just as much of a joke as crypto as it relates to backing.. Your current bank account is zeros and ones on a computer. Technically its crypto too. The dollar has support and history. What represents the dollar be it paper, silver, gold, is only important if confidence in the system tanks. Then food, alcohol, cigarettes are likely better trading mediums. For those of you worried about the govt tracking you. Unless you deal in cash only and don’t carry a cell phone, your in denial. They don’t need crypto to track you. If you carry a card they can limit your spending now. So if you don’t bank, have all you cash in a safe and also get paid in cash…your sorta ok. Otherwise as Pink Floyd says, “welcome to the machine”
I do in fact only deal in cash, and I don’t ever carry a cell phone (because I don’t own one).
Same, when it comes to a trading medium, might I also suggest, Whiskey?
One can find high quality Canadian at Costco in a 1.75 ml jug for about 21 bucks.
Whiskey has a fine tradition in American history. Google Shays Rebellion.