The Indiana state legislature has taken significant steps to embrace digital assets by authorizing public retirement and savings plans to incorporate exposure to cryptocurrencies and spot exchange-traded funds (ETFs). This forward-looking legislation, expected to receive the endorsement of Governor Mike Braun in the coming days, marks Indiana’s commitment to ensuring residents have access to crypto investments.
With this move, Indiana joins a growing list of at least seven states, including Wyoming, Wisconsin, Michigan, and Arizona, that are actively incorporating cryptocurrency-related products into their public investment strategies. A noteworthy trend has emerged across the United States, where nearly half of the state governments are either exploring or already engaging with digital assets. This shift has been partly influenced by the directive from former President Donald Trump, which aimed at establishing a Bitcoin Strategic Reserve.
According to recent analysis from CoinDesk, a total of 21 states are now either investing in or evaluating investments in digital assets, primarily focusing on Bitcoin, which is currently valued at approximately $67,365.27. Other jurisdictions such as Arizona, Tennessee, Oklahoma, and Nebraska have also enacted legislation to allow the use of public funds for cryptocurrency purchases. This aligns with Trump’s ambitious goal of establishing the U.S. as the “crypto capital of the world.”
In a related development, the Indiana legislature has also passed a measure to prohibit the operation of virtual currency kiosks, often referred to as crypto ATMs, throughout the state. This legislation comes in response to heightened concerns regarding fraudulent activities associated with these kiosks. The state attorney general will enforce penalties under deceptive consumer sales laws for any violations of this ban.
The focus on curbing fraudulent activities surrounding crypto ATMs is underscored by alarming statistics. In Evansville, Indiana, authorities reported that residents lost approximately $400,000 in scams linked to these kiosks in 2025 alone. Moreover, a lawsuit has been filed by the Massachusetts state Attorney General against Bitcoin Depot, accusing the ATM operator of facilitating scams through its machines. The FBI has reported that Americans suffered losses of $240 million due to crypto ATM fraud in the first half of 2025, accompanied by nearly 11,000 complaints related to ATM fraud in 2024—a staggering 99% increase from the previous year.
As policymakers navigate the complex landscape of cryptocurrency, the recent legislative actions in Indiana highlight both the opportunities and challenges presented by digital assets in the public sector.
