{"id":10670,"date":"2025-01-31T10:34:01","date_gmt":"2025-01-31T10:34:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10670"},"modified":"2025-01-31T10:34:01","modified_gmt":"2025-01-31T10:34:01","slug":"illinois-and-indiana-embrace-bitcoin-with-new-stage-reserve-and-retirement-funds-bills","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10670","title":{"rendered":"Illinois And Indiana Embrace Bitcoin With New Stage Reserve And Retirement Funds Bills"},"content":{"rendered":"
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As US lawmakers continue working on crypto adoption and better regulations, Illinois and Indiana representatives have introduced new Bitcoin-related bills seeking to embrace the flagship crypto at the state level.<\/p>\n

Illinois Introduces Strategic Bitcoin Reserve Act<\/h2>\n

On Wednesday, Illinois State Representative John Cabello introduced<\/a> a bill to integrate Bitcoin (BTC) into the state\u2019s financial framework. Illinois joins the list of US states seeking to adopt the flagship cryptocurrency.<\/p>\n

House Bill 1844 (HB1844), or Strategic Bitcoin Reserve Act, aims to create a state-owned BTC reserve (SBR) managed by the Illinois State Treasurer. The bill creates \u201ca special fund in the state treasury\u201d to hold BTC as a financial asset.<\/p>\n

If passed, the legislation would go into effect immediately, allowing the Illinois State Treasurer to receive Bitcoin gifts, grants, and donations from Illinois residents and governmental entities for the Fund<\/a>.<\/p>\n

Moreover, all BTC deposits into the funds must be held for at least 5 years, starting when the asset enters the State\u2019s custody. Once the holding period is over, the bill allows the State Treasurer to \u201ctransfer, sell, appropriate, or convert to another cryptocurrency any Bitcoin in the fund.\u201d<\/p>\n

\"Bitcoin\"<\/p>\n

HB1844 outlined that the treasurer can develop policies and protocols to keep the fund safe, including \u201cthe use of secure custodial technologies, cold storage, and best practices in digital management.\u201d<\/p>\n

The legislation also mandates biennial reporting of the Fund\u2019s status, detailing the total amount of Bitcoin and its equivalent in USD, the Fund\u2019s growth, and any transaction updates since the previous report.<\/p>\n

Cynthia Lummis, pro-crypto US Senator and head of the newly created<\/a> Senate Banking Subcommittee of Digital Assets, recently stated that one of the first orders of business \u201cwill be to hold public hearings on the Strategic Bitcoin Reserve.\u201d<\/p>\n

Indiana Seeks BTC ETFs Allocation For Retirement Funds<\/h2>\n

Indiana US State Representative Jake Teshka also introduced<\/a> a BTC-related bill on Wednesday. House Bill 1322 (HB 1322) seeks to evaluate blockchain technology\u2019s potential and allow stated retirement funds to invest in Bitcoin-based investment products.<\/p>\n

The legislation, co-authored by Representatives Shane Lindauer and Cory Criswell, requires the Department of Administration to explore blockchain technology\u2019s potential use for cost efficiency, data security, and data privacy not later than March 1, 2026. The bill also provides that the department present a report to the legislative council with the information no later than October 1, 2026.<\/p>\n

If passed, HB1322 would also allow public employees\u2019 retirement funds or public officers of the state to invest their funds in certain BTC Exchange-Traded Funds (ETFs), which had a successful first year and surpassed experts\u2019 expectations.<\/p>\n

Indiana\u2019s new legislation follows similar proposals from multiple US states. Recently, Kansas lawmakers<\/a> introduced a bill to allow the Kansas Public Employees Retirement System (KPERS) to allocate up to 10% of public employee retirement funds to BTC ETFs if passed.<\/p>\n

Florida is considering allocating a small percentage of its $185.7 billion pension fund to Bitcoin. Samuel Armes, head of the Florida Blockchain Business Association (FBBA), stated that FBBA was considering using 1% of Florida\u2019s pension fund to invest in BTC, part of its strategy to launch an SBR.<\/p>\n

Meanwhile, states like Oklahoma have introduced<\/a> bills to authorize employees and residents to opt to receive salaries in Bitcoin and enable businesses to accept BTC payments.<\/p>\n

\"Bitcoin,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As US lawmakers continue working on crypto adoption and better regulations, Illinois and Indiana representatives have introduced new Bitcoin-related bills seeking to embrace the flagship crypto at the state level. Illinois Introduces Strategic Bitcoin Reserve Act On Wednesday, Illinois State Representative John Cabello introduced a bill to integrate Bitcoin (BTC) into the state\u2019s financial framework. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10670","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10670"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10670\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}