*HB1322.1*
February 10, 2025
HOUSE BILL No. 1322
_____
DIGEST OF HB 1322 (Updated February 10, 2025 11:53 am - DI 87)
Citations Affected: IC 4-13; IC 5-10.3; IC 5-13.
Synopsis: Blockchain technology; state investment in Bitcoin.
Provides that not later than March 1, 2026, the department of
administration (department) may issue a request for information for
purposes of exploring how the use of blockchain technology could be
used by a state agency to: (1) achieve greater cost efficiency and cost
effectiveness; and (2) improve consumer convenience, experience, data
security, and data privacy. Requires the department to compile a report
concerning the request for information and submit the report to the
legislative council not later than October 1, 2026. Allows funds held by
the public employees' retirement fund to be invested in certain Bitcoin
exchange traded funds.
Effective: July 1, 2025.
Teshka, Lindauer, Criswell,
Pierce K
January 13, 2025, read first time and referred to Committee on Government and Regulatory
Reform.
February 10, 2025, amended, reported — Do Pass.
HB 1322—LS 6634/DI 119 February 10, 2025
First Regular Session of the 124th General Assembly (2025)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type. Also, the
word NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2024 Regular Session of the General Assembly.
HOUSE BILL No. 1322
A BILL FOR AN ACT to amend the Indiana Code concerning state
and local administration.
Be it enacted by the General Assembly of the State of Indiana:
1 SECTION 1. IC 4-13-1-28 IS ADDED TO THE INDIANA CODE
2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
3 1, 2025]: Sec. 28. (a) As used in this section, "blockchain
4 technology" means distributed ledger technology that uses a
5 distributed, decentralized, shared, and replicated ledger that may
6 be public or private, permissioned or permissionless, and that may
7 include the use of electronic currencies or electronic tokens as a
8 medium of electronic exchange.
9 (b) As used in this section, "distributed ledger technology"
10 means:
11 (1) a data base that is consensually shared and synchronized
12 across multiple sites, institutions, or geographies allowing for
13 public witnesses to transactions; and
14 (2) supporting infrastructure for a data base described in
15 subdivision (1).
16 (c) Not later than March 1, 2026, the department may issue a
17 request for information in compliance with IC 5-23-4.5 for
HB 1322—LS 6634/DI 119 2
1 purposes of exploring how the use of blockchain technology could
2 be used by a state agency to:
3 (1) achieve greater cost efficiency and cost effectiveness; and
4 (2) improve consumer:
5 (A) convenience;
6 (B) experience;
7 (C) data security; and
8 (D) data privacy.
9 If the department issues a request for information, the department
10 must comply with the requirements of this section.
11 (d) The request for information shall include participation from
12 the following state agencies:
13 (1) The office of the secretary of state.
14 (2) The office of the secretary of family and social services (IC
15 12-8-1.5-1).
16 (3) The department of workforce development (IC 22-4.1-2-1).
17 (4) The department of child services (IC 31-25-1-1).
18 (5) The office of technology (IC 4-13.1-1-3).
19 (6) Any other state agency as determined by the office of
20 technology.
21 (e) The department shall set a deadline of not later than July 1,
22 2026, for submission of responses to the request for information.
23 (f) Subject to IC 5-23-4.5-3, the department shall prepare a
24 report that includes:
25 (1) information regarding the responses to the request for
26 information, including a copy of any portions of a response
27 that may be disclosed under IC 5-14-3;
28 (2) any recommendations by the department regarding the
29 request for information or the responses to the request for
30 information; and
31 (3) any other information that the department determines is
32 relevant to the request for information.
33 (g) Not later than October 1, 2026, the department shall submit
34 the report prepared under subsection (g) to the legislative council
35 in an electronic format under IC 5-14-6.
36 (h) This section expires December 31, 2026.
37 SECTION 2. IC 5-10.3-5-8 IS ADDED TO THE INDIANA CODE
38 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
39 1, 2025]: Sec. 8. (a) The following definitions apply throughout this
40 section:
41 (1) "Approved Bitcoin exchange traded fund" means a spot
42 Bitcoin exchange traded fund that has been approved for
HB 1322—LS 6634/DI 119 3
1 listing on national securities exchanges by the United States
2 Securities and Exchange Commission under 15 U.S.C.
3 78f(b)(2).
4 (2) "Bitcoin" means a digital asset that is issued and
5 transferred via a distributed, open-source protocol used by a
6 peer to peer computer network through which transactions
7 are recorded on a public transaction ledger known as the
8 Bitcoin blockchain.
9 (3) "Bitcoin futures exchange traded fund" means an
10 exchange traded fund that:
11 (A) holds Bitcoin futures contracts as an asset of the fund;
12 and
13 (B) does not own and store Bitcoin as an asset of the fund.
14 (4) "Spot Bitcoin exchange traded fund":
15 (A) means an exchange traded fund that owns and stores
16 Bitcoin as an asset of the fund; and
17 (B) does not include a Bitcoin futures exchange traded
18 fund.
19 (b) The board may invest or reinvest funds that are held by the
20 board and available for investment in approved Bitcoin exchange
21 traded funds.
22 SECTION 3. IC 5-13-9-1, AS AMENDED BY P.L.102-2014,
23 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
24 JULY 1, 2025]: Sec. 1. (a) Except as provided in subsection (b), in
25 addition to any other statutory power to make investments, each county
26 treasurer and each fiscal officer of any political subdivision other than
27 a county, under the guidelines established, respectively, by the board
28 of county commissioners of each county and the fiscal body of any
29 other subdivision, and any other officer of a local government entity
30 authorized by statute or court order to make investments, may invest
31 any funds held by each in accordance with this chapter.
32 (b) The treasurer of state may invest funds under sections 2(a)(3),
33 and 2.5, and 2.6 of this chapter.
34 (c) The funds that may be invested under this chapter include money
35 raised by bonds issued for a future specific purpose, sinking funds,
36 depreciation reserve funds, gift, bequest or endowment, and any other
37 funds available for investment.
38 SECTION 4. IC 5-13-9-2.6 IS ADDED TO THE INDIANA CODE
39 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
40 1, 2025]: Sec. 2.6. (a) The definitions in IC 5-10.3-5-8 apply
41 throughout this section.
42 (b) The treasurer of state may invest or reinvest funds that are
HB 1322—LS 6634/DI 119 4
1 held by the treasurer of state and available for investment in
2 approved Bitcoin exchange traded funds.
HB 1322—LS 6634/DI 119 5
COMMITTEE REPORT
Mr. Speaker: Your Committee on Government and Regulatory
Reform, to which was referred House Bill 1322, has had the same
under consideration and begs leave to report the same back to the
House with the recommendation that said bill be amended as follows:
Page 1, delete lines 1 through 17.
Page 2, delete lines 1 through 36, begin an new paragraph and
insert:
"SECTION 1. IC 4-13-1-28 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2025]: Sec. 28. (a) As used in this section, "blockchain
technology" means distributed ledger technology that uses a
distributed, decentralized, shared, and replicated ledger that may
be public or private, permissioned or permissionless, and that may
include the use of electronic currencies or electronic tokens as a
medium of electronic exchange.
(b) As used in this section, "distributed ledger technology"
means:
(1) a data base that is consensually shared and synchronized
across multiple sites, institutions, or geographies allowing for
public witnesses to transactions; and
(2) supporting infrastructure for a data base described in
subdivision (1).
(c) Not later than March 1, 2026, the department may issue a
request for information in compliance with IC 5-23-4.5 for
purposes of exploring how the use of blockchain technology could
be used by a state agency to:
(1) achieve greater cost efficiency and cost effectiveness; and
(2) improve consumer:
(A) convenience;
(B) experience;
(C) data security; and
(D) data privacy.
If the department issues a request for information, the department
must comply with the requirements of this section.
(d) The request for information shall include participation from
the following state agencies:
(1) The office of the secretary of state.
(2) The office of the secretary of family and social services (IC
12-8-1.5-1).
(3) The department of workforce development (IC 22-4.1-2-1).
(4) The department of child services (IC 31-25-1-1).
HB 1322—LS 6634/DI 119 6
(5) The office of technology (IC 4-13.1-1-3).
(6) Any other state agency as determined by the office of
technology.
(e) The department shall set a deadline of not later than July 1,
2026, for submission of responses to the request for information.
(f) Subject to IC 5-23-4.5-3, the department shall prepare a
report that includes:
(1) information regarding the responses to the request for
information, including a copy of any portions of a response
that may be disclosed under IC 5-14-3;
(2) any recommendations by the department regarding the
request for information or the responses to the request for
information; and
(3) any other information that the department determines is
relevant to the request for information.
(g) Not later than October 1, 2026, the department shall submit
the report prepared under subsection (g) to the legislative council
in an electronic format under IC 5-14-6.
(h) This section expires December 31, 2026.".
Page 3, delete lines 22 through 28.
Page 4, delete lines 7 through 9, begin a new paragraph and insert:
"(b) The treasurer of state may invest or reinvest funds that are
held by the treasurer of state and available for investment in
approved Bitcoin exchange traded funds.".
Renumber all SECTIONS consecutively.
and when so amended that said bill do pass.
(Reference is to HB 1322 as introduced.)
MILLER D
Committee Vote: yeas 9, nays 3.
HB 1322—LS 6634/DI 119