The Arizona State Senate wants to add cryptocurrencies to the state retirement fund.
The Arizona State Senate has accelerated its efforts to allow the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to add cryptocurrency to their portfolios.
The initial proposal on the matter was approved at the end of February with a 16-13 vote. Now the proposal has been moved to a higher committee and is awaiting final approval. The state had initially moved to open up investments in this area following the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
If approved, ASRS and PSPRS will be asked to create a report on the risk and potential benefits of spot Bitcoin ETF investments, including a list of options and recommendations on how the state can safely invest in the cryptocurrency sector.
