A bill filed in the Oklahoma Senate would establish a state bullion depository. This would not only create a safe place to store precious metals; it also has the potential to facilitate the everyday use of gold and silver in financial transactions in Oklahoma and set the stage to undermine the Federal Reserve's monopoly on money.

Sen. Nathan Dahm (R) filed Senate Bill 816 (SB816). The legislation would create the Oklahoma Bullion Depository in the Office of the State Treasurer. The depository would serve as The depository would also accept deposits of gold and silver by private individuals.

Significantly SB816 would establish a mechanism for individuals to engage in transactions using precious metals including gold and silver.

The bill is based on a similar law that was passed in Texas and signed into law by Gov. Abbott in 2015. The Texas depository received its first deposits in the summer of 2018. The following year, the state exempted precious metals in these depositories from taxation.

A similar bill was introduced by Dahm in 2022, but never made it out of committee.

In a nutshell, through the depository, Oklahomans would eventually be able to deposit gold or silver and pay other people through electronic means or checks. Private individuals and entities would be able to purchase goods and services using assets in the vault in the same way they use cash today. Doing so has the potential to open the market to sound money in day-to-day transactions. Ultimately, depositors will be able to use a bullion-funded debit card that seamlessly converts gold and silver to fiat currency in the background. This will enable them to make instant purchases wherever credit and debit cards are accepted.

By making gold and silver available for regular, daily transactions by the general public, a depository has the potential for a wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government's monopoly on money.

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Oklahoma Bill Would Create State Bullion Depository(https://blog.tenthamendmentcenter.com/2023/01/oklahoma-bill-would-create-bullion-depository/)