Arizona Senate Considers Proposal to Include Bitcoin ETFs in Retirement Funds

Published: Mar 6, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

The Arizona State Senate is currently reviewing a Bitcoin ETF proposal related to the investment portfolios of the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS).

The proposal suggests that these retirement systems evaluate the potential inclusion of Bitcoin ETFs in their investment strategies.

The bill, which passed the Senate’s Third Reading with a 16-13 vote on February 22, is now under review by the House for the second time.

Key points:

  • The Arizona State Senate is considering a proposal to encourage ASRS and PSPRS to explore the inclusion of Bitcoin ETF in their investment portfolios.
  • The bill passed the Senate’s Third Reading with a 16-13 vote on February 22.
  • ASRS and PSPRS must submit a comprehensive report on the feasibility of investing in Bitcoin ETFs.

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The proposal stresses the importance of staying informed about the developments in the world of Bitcoin ETFs. It also urges ASRS and PSPRS to carefully assess the potential implications of incorporating these assets into their investment strategies. 

To ensure a thorough understanding of the subject, the proposal suggests that ASRS and PSPRS consult with firms approved by the SEC to offer Bitcoin ETFs.

ASRS and PSPRS required to submit reports on Bitcoin ETF 

As part of the proposal, ASRS and PSPRS must submit a comprehensive report detailing the feasibility, risks, and potential benefits of allocating a portion of state retirement system funds to BTC ETFs.

This report would include options and recommendations for safely investing in the asset class, providing valuable insights for decision-makers.

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The report is to be submitted to key state officials, including the President of the Senate, the Speaker of the House of Representatives, and the Governor. Furthermore, ASRS and PSPRS should submit the report at least three months prior to the start of the Fifty-Seventh Legislature’s First Regular Session.

The primary goal of the proposal is to equip ASRS and PSPRS with the necessary information to make well-informed decisions regarding the integration of Bitcoin ETFs into their investment portfolios.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.