Utah Joins Growing Chorus of States Rejecting Government-Run “Transactional Gold” Schemes

In a decisive move that signals growing skepticism toward government-managed precious metals initiatives, Utah has become the latest state to reject a proposed state-run electronic gold payment system. The Utah Senate Government Operations and Political Subdivisions Committee effectively killed House Bill 195, marking a significant victory for free-market advocates and sound money proponents.

Rep. Ken Ivory's bill, which sought to create an elaborate public-private partnership for a precious metals-backed electronic payment system, faced substantial pushback from industry experts. Stefan Gleason, CEO of Money Metals Exchange, testified that citizens are fundamentally uncomfortable with government intervention in personal financial transactions, particularly regarding gold ownership.

The rejection follows a similar veto by Governor Spencer Cox in 2025, who previously cited concerns about vendor conflicts of interest and operational complexity. This recurring theme suggests a growing national trend of states becoming increasingly cautious about direct government involvement in alternative monetary systems.

Market watchers note this development as part of a broader pattern, with states like Mississippi, South Dakota, Michigan, and Wyoming already having abandoned comparable legislative proposals. The consistent theme emerging is a preference for private sector innovation over government-managed financial technologies.

For precious metals investors, this trend underscores a critical insight: market-driven solutions are consistently preferred over bureaucratic interventions. The sound money movement continues to gain momentum, emphasizing private sector flexibility and consumer choice in alternative monetary instruments.