Illinois and Indiana are making bold moves toward Bitcoin adoption, introducing new legislative proposals aimed at integrating blockchain technology into state operations. While Illinois views Bitcoin as a hedge against economic instability, Indiana seeks to permit state-backed Bitcoin ETF investments, signaling a growing interest in digital assets across U.S. states.
Illinois’ Bitcoin Reserve Plan
Illinois Representative John M. Cabello has introduced House Bill 1844 (HB1844), also known as the Strategic Bitcoin Reserve Act. This proposal aims to establish a Bitcoin reserve fund managed by the State Treasurer, which would accept Bitcoin donations from both citizens and government entities.
Under the bill, the acquired Bitcoin must be held for a minimum of five years without being sold, transferred, or converted into other assets. To ensure transparency and security, the legislation mandates regular financial reporting, granting the State Treasurer authority to regulate fund management.
Indiana’s Blockchain and Bitcoin ETF Initiative
In Indiana, Representatives Jake Teshka, Shane Lindauer, and Cory Criswell have proposed House Bill 1322 (HB1322). The bill explores how blockchain technology can enhance state services, improve data security, and streamline government operations.
Additionally, the proposal includes provisions for state-backed Bitcoin investments. It enables public employee retirement funds—including those of teachers and government officials—to invest in spot Bitcoin ETFs and Bitcoin futures ETFs.
Growing Interest in Digital Assets Across the U.S.
These initiatives come in the wake of similar efforts by Utah and Arizona, which have explored using public funds for digital asset investments. Meanwhile, Texas Lieutenant Governor Dan Patrick has identified a Bitcoin reserve fund as a priority for 2025.
Following the lead of Illinois and Indiana, other states like South Dakota and Kentucky are rumored to be considering similar legislative efforts. The rapid growth in Bitcoin and blockchain technology adoption highlights a shifting landscape in state-level financial strategies.
Stay updated with Turkish NY Radio for more insights into Bitcoin regulation, state-backed crypto investments, and the evolving role of blockchain in government.
