Governor Spencer Cox of Utah has put a halt to the state’s efforts to conduct business using gold, vetoing a bill that would have established a payment system allowing vendors to be paid in gold if they chose to be. The bill, sponsored by Rep. Ken Ivory, aimed to integrate gold as a standard currency for transactions with the state. However, Cox cited operational concerns with the proposed system, leading to his decision to veto the bill.
The Utah Eagle Forum, a conservative advocacy group, has urged members to push for an override of the veto, arguing that using gold can combat inflation and provide citizens with more options for transactions. Despite this, the governor expressed concerns about the funding for the bid process to set up the gold transaction system, as it was covered by a private donor instead of the Legislature.
Two companies, Glint Pay and Goldback, had presented proposals for the gold-backed transaction system to the Precious Metals Working Group established by Ivory last year. Goldback executives were found to have made significant contributions to Ivory’s campaign as well. The involvement of donors in funding the bill raised concerns about the competitive bid process required for the system.
Ultimately, the veto of the bill signals a pause in Utah’s push towards utilizing gold in transactions, as Cox highlighted operational and funding issues that need to be addressed before such a system can be implemented.
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