HB 1217 IN

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Passed One Chamber

Prohibits a permitted payment stablecoin issuer or foreign payment stablecoin issuer from: (1) paying interest or any other type of yield; or (2) providing any other economic benefit; to a person in connection with the person's holding, use, or retention of a payment stablecoin. Provides that: (1) a payment stablecoin may be issued in Indiana only by a licensed payment stablecoin issuer; and (2) beginning July 1, 2028, subject to specified exceptions, a digital asset service provider may not offer or sell a payment stablecoin in Indiana that is not issued by a licensed payment stablecoin issuer. Requires the department of financial institutions (department) to: (1) administer licensure of persons to act as payment stablecoin issuers; and (2) regulate and supervise licensed payment stablecoin issuers. Establishes requirements for licensure as a payment stablecoin issuer and a process by which an applicant for licensure may appeal denial of the applicant's application. Imposes reporting requirements for licensed payment stablecoin issuers. Specifies powers of the department in regulating and supervising licensed payment stablecoin issuers. Specifies civil and criminal penalties for violations. Provides for priority of claims in an insolvency action regarding a licensed payment stablecoin issuer.

• Kyle Pierce Republican · author
• Scott Baldwin Republican · sponsor

1. Jan 5, 2026 First reading: referred to Committee on Financial Institutions · lower
2. Jan 5, 2026 Authored by Representative Pierce K · lower
3. Jan 12, 2026 Representative Teshka added as coauthor · lower
4. Jan 13, 2026 Committee report: amend do pass, adopted · lower
5. Jan 15, 2026 Second reading: ordered engrossed · lower
6. Jan 20, 2026 Third reading: passed; Roll Call 61: yeas 67, nays 23 · lower
7. Jan 20, 2026 Senate sponsor: Senator Baldwin · lower
8. Jan 20, 2026 Representative Judy added as coauthor · lower
9. Jan 21, 2026 Referred to the Senate · lower
10. Jan 26, 2026 First reading: referred to Committee on Insurance and Financial Institutions · upper
11. Feb 12, 2026 Committee report: do pass adopted; reassigned to Committee on Appropriations · upper
12. Feb 19, 2026 Committee report: do pass, adopted · upper