INDIANAPOLIS, Jan. 20 – State Rep. Ed DeLaney (D-Indianapolis) saw his efforts to shield Indiana’s state pension funds from cryptocurrency investments rebuffed today, as amendments to House Bill 1042 were defeated. The outcome raises questions about the balance between potential financial gains and the inherent risks of the volatile crypto market.
“Interfering in the decision of our pension trustees and advisors is not the responsibility of the legislature and may well be beyond our competence,” DeLaney stated. He clarified that his proposed amendments were intended to safeguard the retirement funds of state employees against potentially reckless investment choices.
DeLaney argued that allowing state pension funds to venture into cryptocurrency is “fiscally irresponsible,” particularly if motivated by a desire to signal support for the crypto industry. “If state funds are invested in cryptocurrency and that investment goes bad, the state still has an obligation to pay for those pensions,” he warned. “The taxpayers of Indiana could be on the hook because the legislature wants to jump headfirst into something new and risky.”
He concluded with a pointed critique, asserting that Indiana’s retirees “deserve to be helped by the state, not given hasty investment advice that resembles a technocratic pyramid scheme.”
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