Arkansas has passed the "Arkansas Legal Tender Act," which designates gold and silver coins as legal tender, allowing citizens to use them to pay debts. The law also clarifies that gold and silver "specie" will not be considered property for tax purposes, and transactions made with these precious metals will not result in tax duties. Arkansas is the fourth state to approve gold and silver coins as legal tender, following Wyoming, Oklahoma, and Utah. 23 other states are developing regulations to allow their citizens to use gold and silver as legal tender, with advocates arguing that this undermines the powers of the US Federal Reserve. The idea is that over time, good money (gold and silver coins) will drive out bad money (Federal Reserve notes). Experts state that this possibility is enshrined in the US Constitution, which states that "no state shall ... make anything but gold and silver coin a tender in payment of debts." (Bitcoin.com)