The Arizona State Senate is reviewing a proposal that suggests the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) should consider the possibility of incorporating Bitcoin ETFs into their investment strategies.

On February 22nd, the legislation cleared the Senate's Third Reading with a vote of 16-13 and is currently undergoing its second review in the House.

The proposal highlights the need to stay updated on Bitcoin ETFs and suggests that the ASRS and PSPRS think carefully about the effects of including these assets in their investments. 

This would involve getting guidance from companies that are allowed by the U.S. Securities and Exchange Commission to deal with Bitcoin ETFs.

Furthermore, ASRS and PSPRS must provide a thorough report on whether it is a good idea, what the risks are, and what the potential benefits might be of using some of the state retirement funds for Bitcoin ETFs. 

This report will include advice on how to invest safely in this type of asset and needs to be given to top state officials at least three months before the Fifty-Seventh Legislature, First Regular Session starts.

The goal of this proposal is to make sure ASRS and PSPRS have all the information they need to make decisions about adding Bitcoin ETFs to their investment strategies. 

This could help them diversify their portfolios and explore new ways for growth.

Share this article
The link has been copied!