Mississippi Lawmakers Reject 'Transactional Gold' Bills

State joins growing list of legislatures pushing back on government-run precious metals schemes

Published on Feb. 6, 2026

Got story updates? Submit your updates here. ›

Mississippi lawmakers have rejected three bills that would have created a complex public-private partnership between the state and a small group of favored vendors to launch a government-backed precious metals purchasing, payment, and storage service. The bills, House Bills 1440, 1530, and 1531, were criticized for increasing regulatory burdens on businesses, damaging free market competition, and undermining personal privacy.

Why it matters

This decision by Mississippi lawmakers aligns with a growing trend across the country, as states like Wyoming, New Jersey, West Virginia, Michigan, Kansas, Iowa, and Idaho have also rejected similar bills. These types of government-run precious metals schemes are seen as attempts by certain vendors to obtain special government endorsement and privileges, while imposing new burdensome regulations on existing businesses.

The details

The rejected bills would have directly competed with private businesses while expanding government control over Mississippians' personal finances. Concerns raised by policymakers, businesses, and investors included the bills being a ploy to obtain special government blessing for certain gold payment apps, the inclusion of vendor tax favoritism and scare tactics to pry customers away from other businesses, and the imposition of new burdensome regulations on small businesses like coin shops and mints.

  • On February 5, 2026, Mississippi lawmakers rejected the three vendor-inspired bills.
  • The bills, House Bills 1440, 1530, and 1531, failed to pass out of committee before a key legislative deadline, effectively killing them.

The players

Sound Money Defense League

A non-partisan public policy group working to restore sound money at the state and federal level, and publisher of the Sound Money Index and Sound Money Review.

Jp Cortez

Executive Director of the Sound Money Defense League.

Got photos? Submit your photos here. ›

What they’re saying

“Mississippi lawmakers were right to reject any proposal to create a government 'transactional gold' boondoggle. Precious metals owners understand that inflation, debt, and a distorted monetary system are born of government mismanagement; proposing a partial government takeover of the gold industry is both dangerous and unwise.”

— Jp Cortez, Executive Director, Sound Money Defense League

“The Sound Money Defense League supports principled steps that would remove barriers to precious metals ownership, we're eager to work with lawmakers who desire to enact prudent sound money reforms.”

— Jp Cortez, Executive Director, Sound Money Defense League

What’s next

According to the Sound Money Defense League, an effective and logical next step for Mississippi on the sound money policy front would be to eliminate capital gains taxes on sales of precious metals, or to start building a state gold reserve to protect the state's balance sheet.

The takeaway

This decision by Mississippi lawmakers demonstrates a growing resistance across the country to government-run precious metals schemes that are seen as attempts to obtain special privileges, impose new burdensome regulations, and undermine free market competition and personal privacy.