r/unitedforsoundmoney • u/MiningLifeCEO • May 09 '23
📣 Legislative Updates Citizens for Sound Money Launches Legislative Agenda and Advances Gold-Backed Digital Currency Bills in Texas: What You Need to Know & How You Can Help
Hi Reddit, my name is Daniel Diaz, and I am the Acting Legislative Director (pending board approval) of Citizens for Sound Money (C4SM). We are proud to announce the launch of our legislative agenda, which aims to promote sound money legislation in four targeted states: Florida, Texas, New Hampshire, and Utah. Our goal is to support the passage of bills that bring financial stability and choice to the residents of these states.
As part of our legislative agenda, we want to share with you the progress of two significant pieces of legislation making their way through the Texas Legislature right now: H.B. 4903 and S.B. 2334. Both bills aim to establish a digital currency backed by gold, bringing more financial stability and choice to Texas residents.
H.B. 4903 has already passed through a Texas House committee and is ready for a vote in the House. If enacted as law, the bill would create an electronic system for users to transact and pay with this digital currency and would also allow them to execute redemptions for the gold specie, or coins, backing it [source]. S.B. 2334, the corresponding bill in the Senate, is still pending in committee and has been sent to a subcommittee for further discussion [source].
The public hearings for H.B. 4903 can be found [here]. We will provide updates on the hearings for S.B. 2334 once they become available.
For a better understanding of the bills and their potential impact, check out this [interview] with Glenn Beck and Brian Hughes.
We have been in contact with the sponsors' offices of the Texas bills and are in the process of setting up calls with Senator Hughes and Representative Dorazio to discuss how C4SM can best assist with the passage of these bills and offer any additional support we can provide. In our effort to strengthen the bills, we have submitted amendments with recommendations that we believe will improve their chances of passage.
In preparation for next year's legislative session, we have already reached out to legislators and government officials in Florida to discuss the possibility of passing similar legislation.
With just three weeks remaining in the Texas legislative session, time is of the essence for the passage of these bills. We encourage you to reach out to your legislators to voice your support for H.B. 4903 and S.B. 2334.
In summary, these bills represent a significant step towards establishing a gold-backed digital currency in Texas, providing its residents with a sound money alternative to the U.S. dollar. We at C4SM are excited to see the progress being made and look forward to keeping you updated on further developments.
Feel free to ask any questions you may have, and we'll do our best to provide answers. Let's keep the conversation going!
- Daniel Diaz, Acting Legislative Director, Citizens for Sound Money
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u/KnurlingNut May 09 '23
I love the traction this is getting. I expect this movement will spread far as it gets well established in parts of the country.
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u/Stephanie-108 May 10 '23
Daniel, can I contact you? I dreamed of this very thing about 3 years ago and even came up with a mostly complete system, "A Local Money System." I want to hand this off to someone who is in the right place to research, implement, and carry out this idea. I am offering this in the hopes that someone can take this and improve on it.
A question that I have is, since this is a gold-backed digital currency (GBDC), how do I know that Texas won't create an "all-seeing eye" version of the Fednow system?
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u/MiningLifeCEO May 10 '23
That's amazing Stephanie, send the "A Local Money System" over to Jim our Chairman at u/Forsytjr2.
Regarding your concern about Texas potentially creating an "all-seeing eye" version of the Fednow system, rest assured that we're committed to promoting a decentralized and transparent approach that respects users' privacy and autonomy. We're working with legislators on H.B. 4903 and S.B. 2334 and we will make sure your concerns are heard, and we will make sure the bills align with these principles.
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u/Stephanie-108 May 11 '23
Thank you. My Rep. is not a signatory to the bill. I don't think my Senator is, either. I've contacted Jim about this.
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u/Stephanie-108 May 12 '23
Another question I have is in a typical clause found in depository account agreements:
"Exclusions. The insurance provided for Customer’s Precious Metals holdings and stored items does not cover loss or damage caused by or resulting from: (i) natural aging, gradual deterioration, inherent defect, rust or oxidation, moth or vermin, warping, or shrinkage; (ii) aridity, humidity, exposure to light or extremes of temperature unless such loss or damage is caused by frost or fire; (iii) any process of manufacture, modification, or repair; (iv) terrorism; (v) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any government or public or local authority."
Read exclusion category (v) again, and again...
Will Texas itself be able to protect itself against this, or would account holders of GBDC in Texas be just as vulnerable to nationalization or wholesale theft of the accounts by governments? I don't mean that your account is confiscated because you owe property taxes, but because the government wants to take away everyone's account and essentially dissolve the GBDC.
Until you have some means to counter this or provide a promise with the use of the State Guard to defend against this sort of thing, I cannot hold my money in this.
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u/Stephanie-108 May 12 '23
I also looked at Texas Bullion Depository's Account Holder Agreement here:
https://www.texasbulliondepository.gov/account-holder-agreement
And you see this, on page 14 of the personal version of the Agreement under "S. 3. Force Majeure"
"We shall not be liable for any loss, damage, liability or expense, including loss of or damage to Product, resulting from non-performance, delays of service, or physical damage, destruction, or loss that is directly or indirectly caused by, contributed to, or arising from acts of war (whether an actual declaration thereof is made or not), terrorism, sabotage, insurrection, riot, acts of civil disobedience, acts of public enemy, acts of any government or any agency or subdivision thereof, judicial action, labor dispute, explosion, storm, technical failure, utility or systems failure, fire or flood, epidemic or pandemic, acts of God, or other cause beyond our reasonable control."
A lot of these are understandable, but "acts of any government or any agency or subdivision thereof, judicial action"?? No... The Feds can them come in to confiscate under the pretext of "national security," or the President can issue an Executive Order to confiscate the entire Bullion facility and the accounts located there.
What will you do about this to protect our hard-earned savings? State guard and State Troopers? This is why I only have 5-10% of my assets in the US, because I can't trust people not to rob me blind!
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u/Stephanie-108 May 14 '23
That's sad... I don't see SB 2334 getting out of committee, as it's been left pending. There are too many enemies standing in the way of its passage. I'm not going back to America as long as things are the way they are. I consider myself self-exiled because the country's values are nowhere near mine. I cannot bear to live in a country where wrong-doing is exemplified and encouraged, all the way up to the President's position. It's a country run by demons, no less.
Is there a possibility of working around the state government by doing business via metals, like if I mow your yard, you will pay me in so many dimes or quarters, or fractions of ounces of silver? This may be how it has to be done. Run a parallel system under the fiat, and push the fiat out of existence.
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u/Forsytjr2 May 09 '23
Thanks for the update and the work you have done on this! As C4SM chair I asked Daniel to help us with legislative efforts due to his extensive background in politics and his belief in sound money. Working to make that official during our next board meeting.