Indiana Senate Pushes Bill to Allow Public Pension Funds to Invest in Crypto

Indiana Senate lawmakers are advancing House Bill 1042, legislation that WOULD permit select public pension funds to allocate capital into cryptocurrency options, including ETFs. The bill's architect, Rep. Kyle Pierce, R-Anderson, clarified that participants in eligible pension plans lack discretion over investment management decisions.

Tom Perkins, investments counsel and director of investment stewardship, highlighted the extensive collaboration with the House to refine the bill. Pierce noted that only defined contribution plan participants would benefit from the proposed changes.

HB1042 includes provisions prohibiting local governments—except the Indiana Department of Financial Institutions—from restricting crypto transactions for legal services, digital wallet custody, or mining operations. The bill also safeguards data centers in industrial zones and home mining activities.

Pierce acknowledged the bill requires further refinement this year, citing unresolved issues and current underperformance.