US Senators Catherine Cortez Masto (D-Nev.) and Jim Risch (R-Idaho) introduced the System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act on May 21, 2026, targeting the geographic concentration of precious metals depositories in the New York City region. The bill would amend the Commodity Exchange Act to mandate selection of at least two approved depositories in each of the Mountain, Pacific, Eastern, and Central time zones. Proponents argue the current concentration creates systemic risk, anti-competitive conditions, and logistical burdens for Western US mining states. The legislation is backed by a coalition of industry stakeholders including Money Metals Depository, The Silver Institute, A-Mark Precious Metals, First Majestic Silver Corp, and several regional banks and mints. A companion bill was introduced in the House by Representative Russ Fulcher (R-Idaho). Industry supporters frame the geographic concentration as both a national security vulnerability and a market structure problem disadvantaging non-Eastern participants.
Bipartisan SILVER Act Would Decentralize US Precious Metals Storage Away from New York Concentration
Profoundd Analysis
Key Points
- Bipartisan Senate bill introduced May 21, 2026 to decentralize US precious metals depository approvals across four time zones
- Current storage infrastructure for precious metals exchanges is heavily concentrated in the New York City region
- Bill would amend the Commodity Exchange Act to require at least two approved depositories per time zone
- Supported by a named industry coalition including Money Metals Depository, Silver Institute, A-Mark/Gold.com, Zions Bancorp/Nevada State Bank, and First Majestic Silver Corp
- House companion bill introduced by Rep. Russ Fulcher (R-Idaho)
Credibility Assessment
Straightforward legislative news report from an established mining-sector trade outlet, citing named senators, a specific bill, and named industry supporters — all verifiable through public record — but relying entirely on industry and legislative press release framing with no independent analysis, dissenting voices, or examination of potential downsides to the proposed regulatory change.
Bias Notes
Article presents the bill exclusively through the lens of its sponsors and industry supporters; all quoted parties — Senator Cortez Masto, Money Metals CEO Stefan Gleason — are advocates for the legislation. No commentary from CFTC, existing New York-based depositories, market structure analysts, or any party who might raise concerns about implementation, oversight adequacy, or unintended competitive consequences. The supporting coalition is composed entirely of commercial entities with direct financial interest in the bill's passage, a funding relationship not noted in the article.
