As Introduced

136th General Assembly

Regular Session H. B. No. 206

2025-2026

A BILL

To enact sections 113.81, 113.82, 113.83, 113.84, 113.85, 113.86, 113.87, 113.88, 113.89, and 113.90 of the Revised Code to establish a transactional currency based on gold and silver held in a bullion depository approved by the treasurer of state.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That sections 113.81, 113.82, 113.83, 113.84, 113.85, 113.86, 113.87, 113.88, 113.89, and 113.90 of the Revised Code be enacted to read as follows:

Sec. 113.81. As used in sections 113.81 to 113.90 of the Revised Code:

(A) "Approved bullion depository" means either of the following:

(1) A bullion depository located in this state, controlled by this state, and operating pursuant to regulations and safeguards reasonably acceptable to the treasurer of state;

(2) The Texas bullion depository or such other depository within the United States similar in mission and operation to the Texas bullion depository, provided that agreements and standards reasonably acceptable to the treasurer of state govern the use of the bullion depository with respect to deposits from this state or this state's designees.

(B) "Bullion" means precious metals that are formed into uniform shapes and quantities such as ingots, bars, or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals.

(C) "Bullion depository" means a secured physical vault for the reception, authentication, storage, and security of bullion.

(D) "Depository account" means the rights, interests, and entitlements established in favor of a depositor with respect to a deposit in accordance with sections 113.81 to 113.90 of the Revised Code and rules adopted under those sections.

(E) "Depository account holder" means the original depositor of a depository account or a successor or assignee of the depositor.

(F) "Pooled depository account" means the account established under section 113.83 of the Revised Code.

(G) "Precious metal" means gold or silver that bears a high value-to-weight ratio relative to common industrial metals and that customarily is formed into bullion or specie.

(H) "Specie" means a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as a currency, a medium of exchange, or the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.

(I) "Transactional currency" means a representation of actual specie and bullion held in a depository account by a depository account holder and which may be transferred by electronic instruction, which must reflect the exact fractional troy ounce measurement of physical specie or bullion in the pooled depository account as provided by sections 113.81 to 113.90 of the Revised Code.

Sec. 113.82. (A) As authorized by Section 10 of Article I of the Constitution of the United States, the treasurer of state shall issue specie and establish a transactional currency as the treasurer of state determines practicable.

(B) The treasurer of state may contract with a private vendor to establish the transactional currency or perform other duties under sections 113.81 to 113.90 of the Revised Code. In selecting such a vendor, the treasurer of state may give preference to vendors with a principal place of business in this state.

(C) In establishing the transactional currency, the treasurer of state shall establish a means to ensure that a person or state that holds the transactional currency may use the currency as legal tender in payment of debt and readily transfer or assign the transactional currency to any other person or state by electronic means.

(D) In establishing specie, the treasurer of state shall exclusively authorize an approved bullion depository as the state's issuer, ensure that the holder of the specie may use the specie as legal tender in payment of debt, and ensure that the specie is readily transferable to any other person or state.

Sec. 113.83. (A) The treasurer of state, or the treasurer of state's designee, serving as trustee, shall hold in trust on behalf of the transactional currency holders all specie and bullion owned or purchased for such purposes. The trustee shall maintain enough specie or bullion to provide for the redemption of all units of the transactional currency issued but not redeemed.

(B) The trustee shall establish an account in the approved bullion depository to hold in trust as trustee on behalf of the transactional currency holders all specie and bullion owned and allocated or purchased for such purposes.

Sec. 113.84. (A) The treasurer of state shall issue transactional currency to a person or a state of the United States to which either of the following apply:

(1) The person or state makes payment to the treasurer of state for the purpose of purchasing specie or bullion to be represented by transactional currency and pays any fee charged under section 113.89 of the Revised Code;

(2) The person or state designates specie or bullion held on account in the approved bullion depository for the purpose of being represented by transactional currency and pays any fee charged under section 113.89 of the Revised Code.

(B) Upon receiving payment under division (A)(1) of this section or an account holder's designation and payment under division (A)(2) of this section, the treasurer of state shall do all of the following:

(1) Using the money received, buy specie or bullion in the number of troy ounces of precious metal equal to the number of units of the transactional currency to be issued to the purchaser under division (A) of this section;

(2) Deposit the specie or bullion into the pooled depository account for the purchaser;

(3) Issue to the purchaser a depository account with, or add to an existing depository account, a number of units of the transactional currency equal to the amount of specie or bullion that the purchase money received from the account holder would buy at the market price on that date as published by the approved bullion depository.

Sec. 113.85. (A) A person that holds transactional currency may present to the treasurer of state any number of units of the transactional currency to redeem for United States dollars.

(B) On receipt of a person's request for redemption, the treasurer of state shall do both of the following:

(1) Sell from the specie or bullion held in the pooled depository account a number of troy ounces equal to the number of units of the transactional currency being redeemed;

(2) Provide to the person an amount of United States dollars equal to the amount received from the sale of specie or bullion under division (A) of this section, less a fee charged under section 113.89 of the Revised Code.

Sec. 113.86. (A) Subject to section 113.82 of the Revised Code, an account holder that holds the transactional currency may present to the treasurer of state any number of units of the transactional currency to redeem for an equal number of troy ounces of specie or bullion from the pooled depository account.

(B) On receipt of a request for redemption, the treasurer of state shall do all of the following:

(1) Withdraw the equivalent number of troy ounces of specie or bullion from the pooled depository account;

(2) On the payment of the fee charged under section 113.89 of the Revised Code, deliver the specie or bullion to the requestor.

Sec. 113.87. (A) At the time of each transaction involving the issuance or redemption of the transactional currency, the treasurer of state shall determine the value of a unit of the transaction currency as published by the approved bullion depository.

(B) The value of a unit of the transactional currency at the time of a transaction must be equal to the value of the appropriate fraction of a troy ounce of gold or silver, respectively, at the time of that transaction as published by the approved bullion depository.

Sec. 113.88. The treasurer of state, as trustee, shall hold outside the state treasury on the behalf of persons who hold the transactional currency money received under division (A) of section 113.84 of the Revised Code, specie or bullion purchased or deposited in the pooled depository account as provided by division (B)(1) of section 113.84 of the Revised Code, and money received from the sale of specie or bullion in the pooled depository account in response to a request for redemption under section 113.85 of the Revised Code. Such money, specie, and bullion is not available for appropriation by the general assembly.

Sec. 113.89. The treasurer of state may establish a fee for the issuance or redemption of the transactional currency to cover the treasurer of state's costs in administering sections 113.80 to 113.89 of the Revised Code and an industry standard merchant fee for use. Fees collected by the treasurer of state under this section shall be considered repayment receipts to be used for such purposes. Fees collected in excess of the amount necessary for such purposes shall be deposited in the general revenue fund.

Sec. 113.90. The treasurer of state may adopt rules in accordance with Chapter 119. of the Revised Code to administer sections 113.81 to 113.89 of the Revised Code, including rules to do the following:

(A) Ensure the security of the specie, bullion, transactional currency, transactions, and related data;

(B) Prevent fraud;

(C) Prevent the release of data related to depository accounts or depository account holders other than by order of a court with proper jurisdiction.