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Bitcoin ETFs

Arizona State Senate Advances Resolution to Explore Bitcoin ETFs In State Retirement Plans

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Arizona state Senate has taken a significant step toward considering the inclusion of Bitcoin ETFs in state retirement portfolios. A recently advanced resolution encourages lawmakers and state retirement fund managers to explore allocating some of these portfolios to Bitcoin ETFs, which have demonstrated success among institutional and retail investors. 

The resolution specifically encourages the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to monitor Bitcoin ETFs with the intent of potential inclusion in their investment portfolios.

Resolution To Explore Bitcoin ETFs

The resolution urges ASRS and PSPRS to consider the implications of including a digital asset ETF in their investment portfolios. It further encourages close monitoring of developments in Bitcoin ETFs and other digital asset ETFs, consulting with firms approved by the US Securities and Exchange Commission for insights. 

Additionally, the resolution requires the submission of a comprehensive report on the feasibility, risks, and potential benefits of allocating state retirement system funds into Bitcoin ETFs. 

This report, including options and recommendations for safe investments in the digital asset class, must be submitted 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 Legislature’s First Regular Session.

Notably, the resolution passed in the state Senate with a 16-13 vote at the end of February. Senators voted along party lines, with all Democrats opposing the measure. Republican state Senator Wendy Rogers, who previously spearheaded an effort to establish Bitcoin as legal tender in the state in 2022, voted in favor of the resolution.

The text of the resolution is currently before the state House Ways and Means Committee, where it will undergo further examination and consideration. The committee will assess the potential impact and viability of including Bitcoin ETFs in Arizona state retirement plans.

CFTC Chair Urges Congress To Address Crypto Regulations

Rostin Behnam, the Chair of the Commodity Futures Trading Commission (CFTC), has reiterated his call for Congress to pass legislation that addresses regulatory jurisdictions in the cryptocurrency industry. 

Before the House Agriculture Committee, Behnam emphasized the need for broader congressional consideration and debate on important policy questions related to market structure, permissible products, and retail participation.

Behnam highlighted the challenges posed by the rapid evolution of markets, market structure, and technology. He emphasized the importance of ensuring that the products offered in the market are suitable for all participants and that appropriate measures are in place to protect customers, consumers, and the financial markets from fraud, money laundering, and other financial crimes.

In addition, Behnam claimed that the CFTC has been active in the digital asset space, taking “numerous actions” related to digital assets. However, according to the chairman’s statement, the lack of legislation to address the “regulatory gap” in the spot market for digital commodity assets remains a concern for the CFTC.

Behnam stressed the need for Congress to act and give the CFTC the necessary authority to regulate digital assets properly and protect the US financial system.

Related Reading: Bitcoin Miners Credited For BTC Rise To $69,000 ATH, Here’s Why

Behnam also highlighted the success of the CFTC’s whistleblower program, which has been instrumental in bringing actions against misconduct in the digital commodity asset spot market.

However, he expressed concerns about potential disruptions and funding mechanisms for the program, urging Congress to provide a long-term fix and clarify the permitted uses of the Customer Protection Fund.

Bitcoin ETFs
The daily chart shows BTC’s price recovery after falling below the $60,000 mark on Tuesday. Source: BTCUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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