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 the inclusion of Bitcoin ETFs in their investment portfolios.
JUST IN: ???????? Arizona State Senate is considering adding #Bitcoin ETFs to its state retirement portfolios. pic.twitter.com/5t6v3Z5UuU
— Bitcoin Magazine (@BitcoinMagazine) March 6, 2024
On February 22, the bill passed the Senate's Third Reading in a 16-13 vote, and is now being reviewed by the House for the second time.
The proposal emphasizes the importance of monitoring developments in Bitcoin ETFs, while also urging ASRS and PSPRS to consider the implications of including such assets in their portfolios. This includes consulting with firms approved by the U.S. Securities and Exchange Commission to offer Bitcoin ETFs.
Additionally, ASRS and PSPRS would be required to submit a comprehensive report on the feasibility, risks, and potential benefits of directing a portion of state retirement system funds into Bitcoin ETFs. The report, which would include options and recommendations for safely investing in the asset class, would be submitted to key state officials at least three months before the beginning of the Fifty-Seventh Legislature, First Regular Session.
The proposal aims to provide ASRS and PSPRS with the information needed to make informed decisions about integrating Bitcoin ETFs into their investment strategies, potentially diversifying their portfolios and exploring new avenues for growth.
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