As Introduced
136th General Assembly
Regular Session H. B. No. 206
2025-2026
Representatives Gross, McClain
Cosponsors: Representatives Dean, Fischer, Ferguson, Demetriou, Lorenz, Ritter,
Newman, King, Mullins, Lear
A B I L L
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;
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(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
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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
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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
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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.
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(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
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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.
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