Arizona State Senate Considering Adding Bitcoin ETFs to Retirement Portfolios
The Arizona State Senate is considering a proposal that would 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: 🇺🇸 The Arizona State Senate is considering adding: #bitcoin ETF for state retirement portfolios. pic.twitter.com/5t6v3Z5UuU
— Bitcoin Magazine (@BitcoinMagazine) March 6, 2024
On February 22, the bill passed 16 to 13 on third reading in the Senate and is now being considered for a second time in the House of Representatives.
The proposal highlights the importance of monitoring the development of Bitcoin ETFs, while urging ASRS and PSPRS to consider the implications of including the asset in their portfolios. This includes consulting with companies authorized by the U.S. Securities and Exchange Commission to offer Bitcoin ETFs.
Additionally, ASRS and PSPRS will be required to submit a comprehensive report on the feasibility, risks and potential benefits of directing a portion of state retirement system funds into a Bitcoin ETF. The report, which includes options and recommendations for safely investing in the asset class, will be submitted to key state officials at least three months prior to the start of the first regular session of the 57th Legislature.
The goal of this proposal is to provide ASRS and PSPRS with the information they need to make informed decisions about incorporating Bitcoin ETFs into their investment strategies, potentially diversifying their portfolios and exploring new avenues for growth. It will.
