Indiana State Representative Kyle Pierce has cautioned against crypto legislation that focuses solely on Bitcoin, arguing that laws governing digital assets should be broad enough to support innovation across the wider cryptocurrency ecosystem. Speaking on his recently introduced bill, Pierce said he intended to promote the growth of the entire crypto market rather than elevate a single asset above others.
Although Bitcoin was the first cryptocurrency and remains the most prominent, Pierce believes legislation should avoid favouring any specific digital currency. He explained that the bill was deliberately drafted with flexible language to prevent criticism that the state was “picking winners and losers” in an evolving industry. According to him, the objective is to create a supportive framework for cryptocurrency as a sector, not to push Bitcoin, Ethereum, stablecoins, or any individual project.
The proposed legislation would allow public services in Indiana to gain exposure to cryptocurrencies through exchange-traded funds within retirement and savings programs, rather than enabling the state itself to hold digital assets directly. It would also introduce protections for crypto users and companies operating within the state, aiming to provide regulatory clarity and reduce uncertainty for businesses considering Indiana as a base.
Pierce’s approach stands in contrast to measures adopted elsewhere, such as in New Hampshire, where investment in digital assets is limited to those exceeding a market capitalisation threshold of $500 billion. At present, only Bitcoin meets that requirement. While Pierce acknowledged that market-cap limits were discussed during the drafting process, he said they were not a suitable foundation for the bill, particularly given the pace at which the industry evolves.
That said, he also recognised that not every cryptocurrency is appropriate for retirement or long-term savings exposure. Pierce noted that newly created or highly speculative tokens may need to be excluded, suggesting that refinements to the bill could be made as discussions progress.
A notable aspect of the proposal is its inclusion of protections for cryptocurrency miners. Mining operations, particularly those supporting proof-of-work networks like Bitcoin, are often criticised for their energy consumption. Pierce stressed that while miners would not receive special privileges, the bill would prevent them from being unfairly targeted by negative or discriminatory government actions.
He added that his understanding of mining is not purely theoretical, citing conversations with a mining operation located just outside his district as well as discussions with individual constituents involved in crypto. These interactions, he said, have helped shape his views on the need for balanced regulation.
Pierce acknowledged that advancing crypto-related legislation had previously been challenging. However, he believes the political climate has shifted following the passage of federal stablecoin legislation earlier this year and the signing of the GENIUS Act into law by President Donald Trump. While he remains cautious about predicting the bill’s success, Pierce said the absence of strong opposition so far signals growing trust and openness toward cryptocurrency policy at the state level.
