A leading national precious metals dealer and the nation’s top sound money advocacy group honor Maryland and Alaska lawmakers for advancing sound money policies
CHARLOTTE, NC / ACCESS Newswire / August 13, 2026 / One of the largest national precious metals dealers and depositories in the U.S. has again teamed up with the nation’s leading sound money public policy group to recognize state legislators championing sound money policies.
Money Metals and the Sound Money Defense League today named Maryland lawmakers Del. Wayne Hartman and Sen. J.B. Jennings and Alaska Rep. Kevin McCabe as the 2026 Sound Money Legislators of the Year.
In Maryland, Del. Wayne Hartman and Sen. J.B. Jennings are recognized for restoring the sales tax exemption on purchases of precious metals that was controversially repealed in 2025.
Prior to 2025, Maryland’s sales tax law included a full sales tax exemption on all purchases of gold and silver made above $1,000. A cynical new law imposed a sales tax on all purchases, regardless of order size, that were made outside of the Baltimore Convention Center. This effectively eliminated the sales tax exemption for the overwhelming majority of transactions in the state.
The Sound Money Defense League worked closely with bill sponsors and their offices to craft final bill language for Senate Bill 309 and House Bill 500, provided talking points about the measure and research from other states, mobilized thousands of Marylanders in support of the bill, and testified in Annapolis.
Sen. Jennings said, “I’m deeply honored to receive the Sound Money Defense League’s Legislator of the Year Award…Every time government creates or increases a tax or fee, we [legislators] have a responsibility to consider the broader consequences for working families, small businesses, and Maryland’s economy.
“The tax on precious metal bullion and coins placed an unnecessary burden on small business owners and its impact extended well beyond a single industry. After hearing directly from Maryland businesses about lost sales, lost customers, and the ripple effects on surrounding industries, it was clear that we needed to act.”
Maryland’s 2025 tax law had been devastating to businesses and investors. In-state dealers testified they had lost more than 70% of their business volume overnight, with customers choosing to leave the state or shop online and ship to a sales-tax-free state.
On the other side of the country, Alaska Rep. Kevin McCabe (then a freshman legislator) worked with the Sound Money Defense League on legislation to remove taxes on precious metals as well as reaffirm their status as legal constitutional money.
Forty-five states have already fully or partially eliminated the state sales tax on the purchase of precious metals, including Alaska. However, local government bodies in Alaska could (and did) still impose sales tax on purchases of the monetary metals. House Bill 1 eliminated local tax assessments on gold and silver coins, bars, and rounds.
This measure also reaffirmed Alaska’s recognition of gold and silver as money as outlined in Article I, Section 10 of the U.S. Constitution, which says “No state shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.”
Rep. McCabe and his Chief of Staff Angela Stephl worked for five years to refine the bill language, coordinate with fellow lawmakers to garner support for the measure, and work with outside constituencies. Executive Director of the Sound Money Defense League, Jp Cortez, traveled to Juneau several times to participate in hearings and meet with legislators.
After receiving the award, Rep. McCabe said, “I am deeply honored to receive the Sound Money Legislator of the Year award. Having worked with SMDL [Sound Money Defense League] since 2021, I know it is the gold standard of national sound money policy efforts.”
“Our bill removed taxes on gold and silver and reaffirmed them as legal tender, giving Alaskans greater opportunity and access to inflation-proof assets while aligning our state with the Constitution. My team and I will continue working toward sound money for Alaska in the future,” the Frontier State leader continued.
In May, Rep. McCabe’s bill was enacted into law with broad support from lawmakers and sound money supporters across the state.
Several other lawmakers also made key contributions to the national movement to advance sound money policies, thereby earning honorable mention in this year’s awards.
In Wisconsin, Rep. Shae Sortwell and Sen. Rachael Cabral-Guevara are recognized for their work in passing multiple sound money bills over a two-year period.
In 2024, the Sound Money Defense League worked closely with Rep. Sortwell to make Wisconsin the next state to eliminate the sales tax on purchases of gold and silver coins, bars, and rounds. In addition to creating massive grassroots pressure in support of the bill, Cortez, again, traveled to Madison to testify at numerous hearings. Sen. Cabral-Guevara’s vocal support of the legislation during committee hearings was crucial in ultimately passing a bill to eliminate this tax.
Wisconsin Gov. Tony Evers’ signature on Assembly Bill 29 officially struck this tax in 2024.
This year, Rep. Sortwell and Sen. Cabral-Guevara introduced legislation to remove the sales tax exemption certificate requirement to be eligible for the exemption. In March, Gov. Evers signed SB 748, Wisconsin’s second sound money bill in three years.
Only five states still impose a sales tax on all purchases of precious metals: Washington, Hawaii, New Mexico, Maine, and Vermont. League executives expect exemption bills to be introduced in the majority of these states in the upcoming legislative session.
The Sound Money Defense League is the nation’s leading public policy group working to restore sound money at the state and federal level since 2014 and publisher of the Sound Money Index.
Money Metals Exchange is a national precious metals company recently named “Best in the USA” by an independent global ratings group and serves almost 500,000 investors in physical gold, silver, platinum, and palladium. The company also operates the largest precious metals depository in North America and a collateral lending group. For more information, please visit www.moneymetals.com.
Jp.Cortez@soundmoneydefense.org
SOURCE: Sound Money Defense League
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