Alaska Senate Republicans

Full Press Release

News from the Alaska State Legislature, the Office of Senator Cronk
For Immediate Release: May 12, 2026

Sound Money Legislation Heads to Governor’s Desk

JUNEAU – Today the Alaska State Senate passed House Bill 1, legislation recognizing gold and silver specie as legal tender in Alaska, along with clarifying the tax treatment of specie transactions, by a vote of 19-1.

HB 1, sponsored by Representative Kevin McCabe (R – Big Lake), previously passed the Alaska House unanimously in a 40-0 vote following extensive collaboration with municipalities, stakeholders, and legislators across the state.

The legislation recognizes gold and silver coins or stamped bullion as legal tender to the fullest extent permitted under federal law and ensures that money itself is not taxed as a commodity through local sales or use taxes.

Importantly, HB 1 does not mandate that any individual or business use or accept specie. Instead, the bill preserves financial freedom and expands transactional choice for Alaskans who utilize constitutional forms of money.

The bill also directs the Legislative Budget and Audit Committee to study the possibility of additional forms of legal tender should future technologies or monetary instruments emerge, ensuring Alaska remains forward-looking in financial policy discussions.

“This bill is about constitutional fidelity, financial freedom, and individual choice,” Rep. McCabe said. “Gold and silver have been recognized as lawful money since the founding of our nation. HB 1 simply ensures Alaskans are not penalized for choosing to use them.”

The Senate companion legislation, SB 162, was carried by Senator Mike Cronk (R – Tok/Northway), who worked alongside Representative McCabe throughout the legislative process to advance the policy in the Senate.

“A growing number of states have moved to reduce or eliminate taxation on precious metals and reaffirm the constitutional role of gold and silver as lawful money,” Senator Cronk said. “HB 1 ensures Alaska remains part of the conversation while protecting individual choice and economic freedom. It’s a golden opportunity for the Last Frontier!”

HB 1 will now be transmitted to Governor Mike Dunleavy (R – Alaska) for consideration.