Arizona is considering the possibility of adding digital asset exposure to public pension funds’ investment portfolios.
A new resolution working its way through the Arizona state legislature would be a step toward moving pension funds for government and public safety employees into digital asset-based exchange-traded funds (ETFs).
The proposal comes about a month after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin (BTC) ETFs. The agency may also approve additional ETFs for other digital assets such as Ethereum (ETH) at some point in the future.
If approved, the resolution calls on the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to take several steps that could ultimately result in the pension funds gaining exposure to digital assets.
There are three key actions that the ASRS and PSPRS should take:
“a) consider the implications of including a digital asset ETF in their investment portfolios.
b) closely monitor developments in Bitcoin ETFs and other digital asset ETFs and consider the implications of including such assets in their investment portfolio after consulting with companies that have received approval from the U.S. Securities and Exchange Commission to operate a digital asset ETF ETF to offer.
c) submit a comprehensive report on the feasibility, risk and potential benefits of spending part of the state pension system’s money on digital asset ETFs, including a list of options and recommendations for how the state can safely digital asset class to the State Treasurer, President of the Senate, and Speaker of the House of Representatives, at least three months before the beginning of the fifty-seventh legislative term, first regular session.”
The Republican-backed resolution recently passed in the state Senate on a 16-13 vote. Only Republicans voted for it, while only Democrats opposed it. The resolution is now being debated by the state House.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on TweetFacebook and Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/EB Adventure Photography/WindAwake
