As reported by Bitcoin Magazine, the Arizona State Senate is currently in the process of debating a proposition that could potentially lead to a shift in the investment strategies of two major retirement systems in the state - the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS). The crux of the matter is the inclusion of Bitcoin Exchange Traded Funds (ETFs) in their respective investment portfolios.
The bill, which sailed through the Senate's Third Reading on February 22 with a narrow victory of 16 votes to 13, is now in the hands of the House for a second round of scrutiny.
The essence of the proposal is not just to encourage the inclusion of Bitcoin ETFs but also to underscore the necessity of keeping a close watch on the evolving landscape of Bitcoin ETFs. It further implores ASRS and PSPRS to weigh the potential consequences of incorporating such digital assets into their investment portfolios. This would involve seeking advice from firms that have been approved by the U.S. Securities and Exchange Commission to offer Bitcoin ETFs.
Moreover, the proposal stipulates that ASRS and PSPRS would be obliged to present a detailed report on the feasibility, potential risks, and possible advantages of channeling a portion of the state retirement system funds into Bitcoin ETFs. This report, which would contain a range of options and recommendations for safe investment in the asset class, would be handed over to key state officials at least three months before the onset of the Fifty-Seventh Legislature, First Regular Session.
The ultimate goal of this proposal is to equip ASRS and PSPRS with the necessary information to make well-informed decisions about the potential integration of Bitcoin ETFs into their investment strategies. The hope is that this could lead to a diversification of their portfolios and the exploration of new potential growth opportunities.
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