The Arizona State Senate is reportedly considering a motion that would allow the Public Safety Personnel Retirement System (PSPRS) and the Arizona State Retirement System (ASRS) to include Bitcoin ETFs in their investment portfolios.
The state’s Senate first heard and read the Bitcoin retirement resolutions on January 30, 2024. The proposal suggests that the ASRS and PSPRS monitor the Bitcoin ETF market and weigh the implications of adding Bitcoin ETFs to retirement portfolios. This would entail speaking with companies that provide Bitcoin ETFs that have been approved by the US Securities and Exchange Commission.
Afterward, the Speaker of the House of Representatives, the President of the Senate, and the State Treasurer of Arizona would receive a “comprehensive report” detailing the safety measures to be taken, as well as the feasibility, risks, and potential benefits of increasing exposure to Bitcoin ETFs.
Republican State Senator Wendy Rogers spearheaded the proposal. Rogers, in 2022, moved to have Bitcoin accepted as legal tender in the state. However, the bill never made it to a committee hearing.
US States Roll Out More Crypto-Friendly Policies
The Arizona State Senate’s action is in line with those of other states and localities that have begun to set aside cash for crypto investments. For example, in 2021, a Texas firefighter’s pension fund announced plans to invest $25 million in Bitcoin and Ether. Similarly, a retirement system in Virginia started making investments in cryptocurrency-related businesses as early as 2019.
BREAKING: Arizona passes a resolution in the Senate to have the state pensions’ study, purchasing the #bitcoin ETF. pic.twitter.com/B01i9iVncK
— Dennis Porter (@Dennis_Porter_) March 6, 2024
As recently reported, Virginia is making moves to explore blockchain technology and improve local engagement. The state recently introduced a bill that encourages crypto activities. The Virginia House of Delegates approved historic Senate Bill No. 339, which supports cryptocurrencies, on March 4. The bill makes several recommendations, such as tax benefits for small investors and rewards for cryptocurrency miners.
The bill pushed for the creation of a specialized work group charged with researching cryptocurrencies, blockchain technology, and crypto mining. The goal of the initiative is to offer suggestions for developing and utilizing these technologies in Virginia. The state hopes to become a hotspot for innovation and cryptocurrency by luring high-growth tech and cryptocurrency enterprises with supportive policies from legislators.
The bill also puts Virginia up against other states that embrace the use of cryptocurrencies. Wyoming, for example, recently exempted crypto companies from money transmission licenses. It also launched a Financial Technology Sandbox to promote innovation.
Exciting News from Virginia, US!
The Virginia House of Delegates passed the bill that paves the way for blockchain mining expansion within the state.
A workgroup dedicated to
🔹Studying the crypto ecosystem
🔹Making recommendations to improve the tech’s expansionWith… pic.twitter.com/qOdvjUKoBn
— Tectum (@tectumsocial) March 6, 2024
Florida has also seen a boom in crypto activities thanks to its friendly policies, such as the absence of state income tax. Also, the state unveiled a pilot scheme that lets companies pay for state fees with cryptocurrencies.
These efforts prove that the crypto industry is enjoying mainstream acceptance, which adds legitimacy to the industry.
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