The Arizona State Senate is considering a proposal to encourage the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to explore including bitcoin ETFs in their investment portfolios.
JUST IN: Arizona State Senate considering adding bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs to their state retirement portfolios. pic.twitter.com/5t6v3Z5UuU
– bitcoin Magazine (@BitcoinMagazine) March 6, 2024
On February 22, the bill passed the Senate's third reading by a vote of 16 to 13 and is now being reviewed by the House for the second time.
The proposal emphasizes the importance of monitoring the evolution of bitcoin ETFs, while urging ASRS and PSPRS to consider the implications of including such assets in their portfolios. This includes consulting with companies approved by the U.S. Securities and Exchange Commission to offer bitcoin ETFs.
Additionally, ASRS and PSPRS would be required to submit a full report on the feasibility, risks, and potential benefits of allocating a portion of state retirement system funds to bitcoin ETFs. The report, which would include options and recommendations for safely investing in this asset class, would be presented to key state officials at least three months before the start of the First Regular Session of the Fifty-Seventh Legislature.
The proposal aims to provide ASRS and PSPRS with the information necessary to make informed decisions about integrating bitcoin ETFs into their investment strategies, potentially diversifying their portfolios and exploring new avenues for growth.
