SILVER Act

The SILVER Act aims to improve the resilience and efficiency of the U.S. precious metals futures market by allowing storage facilities outside New York City to be approved for use in futures contracts. The bill requires derivatives clearing organizations to use transparent, objective criteria when selecting storage vaults and to approve new facilities that promote geographic diversity, competition, and lower storage costs. It mandates that at least two approved depositories be available in each of the four U.S. time zones, ensuring broader market access and reducing risks associated with concentrating vaults in one location. The legislation also requires periodic assessments of how easily market participants can access physical delivery of commodities regardless of where the storage facilities are located.