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Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

Ash Tiwari
by Ash Tiwari
7 months ago
·
Posted in Bitcoin Regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Kansas Republican State Senator Craig Bowser has introduced a bill aimed at allocating up to 10% of public employee retirement funds to Bitcoin (BTC) exchange-traded fund (ETF) products.

Kansas Senator Proposes Bitcoin Exposure For Retirement Funds

The bill, titled Senate Bill 34, seeks to authorize the Kansas Public Employees Retirement System (KPERS) to invest up to 10% of public employee retirement funds in Bitcoin ETFs. If passed, the legislation would establish a KPERS board of trustees tasked with overseeing investments in BTC ETFs.

Related Reading: Bitcoin Could Be Worth Over $200,000 As ‘Portfolio Insurance’ Against Sovereign Default: Report

Notably, the bill specifies that the KPERS board of trustees may allocate funds to Bitcoin ETF products issued exclusively by Kansas-based investment firms. It also stipulates that if the value of BTC ETFs exceeds 10% of the retirement fund’s portfolio, the board is not required to sell unless it is in the best interest of the fund’s beneficiaries.

Additionally, the legislation mandates the KPERS board of trustees to conduct an annual review of the investment program. The findings from this review must then be presented to the governor for oversight and evaluation.

While the bill represents a significant step toward Bitcoin’s mainstream acceptance as a store of value, it must undergo a rigorous legislative process before becoming law. Senate Bill 34 was referred to the Committee on Financial Institutions and Insurance on January 17 and must clear four rounds of approval before being sent to the Kansas House of Representatives.

At the House of Representatives, the bill would go through a similar legislative process before reaching the governor’s desk for final approval or veto. If vetoed, the legislation would return to the state legislature, where it would need a two-thirds majority vote in both chambers to override the veto and become law.

Senator Bowser’s proposal highlights a significant shift in Kansas’ approach to cryptocurrencies. In 2023, the state’s House of Representatives had introduced a bill that restricted political crypto donations to $100 and mandated the immediate conversion of such donations into USD, prohibiting the holding or spending of cryptocurrency.

BTC Fever Taking Over The US

Since Donald Trump’s victory in the November US presidential election, several states have begun exploring Bitcoin as part of their economic strategies. Earlier this month, North Dakota’s Legislative Assembly proposed investing in BTC to combat inflation.

Related Reading: Strategic Bitcoin Reserve Process Begins In 14 US States This Month, Says Insider

Similarly, Oklahoma Senator Dusty Deevers recently introduced the Bitcoin Freedom Act, which aims to give residents the option to receive salaries in BTC. Even traditionally Democratic states like Massachusetts are reportedly considering establishing a Bitcoin strategic reserve.

Despite this growing enthusiasm for Bitcoin, the US Federal Reserve remains skeptical of the idea, dismissing it as “the dumbest idea ever.” At press time, BTC trades at $105,486, up 0.7% in the past 24 hours.

bitcoin
BTC trades at $105,486 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, 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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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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