FOR IMMEDIATE RELEASE
STATEHOUSE (April 30, 2026) — Two bills sponsored by State Sen. Scott Baldwin (R-Noblesville) to ban virtual currency kiosks and establish transparency requirements for proxy advisors who issue voting recommendations to shareholders and companies were ceremonially signed into law by the governor yesterday.
House Enrolled Act 1116 bans cryptocurrency kiosks from operating in Indiana and allows the Attorney General to pursue action against violators by making it a deceptive act to operate one of those kiosks in the state. This new law will not hamstring Hoosiers from investing in cryptocurrency, rather this law will ensure these investments are made through regulated exchanges.
"Cryptocurrency kiosks have been used to scam Hoosiers out of their hard-earned money, and House Enrolled Act 1116 offers a way to protect our neighbors from cryptocurrency scams," Baldwin said. "I am glad to see HEA 1116 become law, and I appreciate the governor for recognizing the importance of this legislation."
House Enrolled Act 1273 defines proxy advisors as people who give advice to investors to help them decide how to cast their votes on corporate governance issues for compensation and requires these advisors to disclose to investors whether recommendations against company management proposals are supported by a written financial analysis.
When a written financial analysis is used by a proxy advisor, they must disclose that their analysis covered short- and long-term costs and benefits, concluded their recommended action has the most positive effect on the shareholder and explained their processes and qualifications.
If a written financial analysis isn't used, the advisor must share the services they are providing, their recommendation and provide that their suggestion was made without a written financial analysis to shareholders and entity management. They are also required to publish that their recommendation was made without a financial analysis on their website.
"Shareholders make critical decisions that shape the future of a business, and this new law will ensure proxy advisors prioritize their fiduciary duty by providing clear justifications for their recommendations," Baldwin said. "I am proud to have sponsored Rep. Kyle Pierce's legislation in the Senate, and I look forward to seeing how this legislation improves the quality of proxy advisors in the state."
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State Sen. Scott Baldwin (R-Noblesville) represents Senate District 20,
which includes Noblesville, Carmel, Cicero and unincorporated areas of Hamilton County.
Click here to download a high-resolution photo.
Contact: Bradley Kelley, Press Secretary
Bradley.Kelley@iga.in.gov
317-234-3560
