re: Cash is King bill passed the LA legislature today.

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And it is illegal for them to do so. quote:31 U.S. Code § 5103 - Legal tender United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts. I don't understand why the treasury doesn't just enforce existing laws. Seems redundant that this needs to be codified.

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Incorrect. Defining something as currency gives it the special privilege of being a medium for exchange instead of being considered a separate asset which would require you to track and declare your basis for tax purposes. To help understand the construction, pay attention to the last line of the statute. No rational person would say that I couldn’t use a stack of Austrian Philharmonics to satisfy a debt that I owe, as long as the holder of the debt is willing to accept them; I will simply have to account for any gain or loss from my original basis.

Similarly, when you hear about proposed legislation to “make gold and silver currency”, that does not mean every mom and pop would be required to accept gold coins for a candy bar. It simply means that gold and silver would be treated as currency, not as a taxable asset.