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The bill proposes establishing a board of trustees to manage the Bitcoin ETF investments and conduct an annual examination of the investment program.
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Kansas State Senator Craig Bowser has introduced a bill to invest up to 10% of public employee retirement funds into spot Bitcoin exchange-traded funds (ETFs).
Bowser introduced Senate Bill 34, which seeks to authorize the Kansas Public Employees Retirement System (KPERS) to invest a portion of its retirement fund in Bitcoin (BTC)-backed ETFs.
🇺🇸 TODAY: Kansas Senator Bowser introduces bill to invest up to 10% of the public employees retirement fund in #Bitcoin ETFs. pic.twitter.com/78eBkmgyQo
— Cointelegraph (@Cointelegraph) January 23, 2025
The bill would establish a board of trustees who will spend up to 10% of the money in the state’s retirement fund on Bitcoin-backed ETFs. It wrote:
“[…] the board may invest and reinvest moneys of the fund in Bitcoin exchange-traded products issued by an investment company registered in Kansas.”
It added that when the value of the Bitcoin ETFs exceeds 10% of the fund, the board is not mandated to sell unless it would be in the best interests of the beneficiaries.
The bill also adds that the board of trustees will be mandated to provide an annual examination of the investment program to monitor the performance of the investments.
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Bitcoin ETF exposure for employee retirement funds
While the proposal is a significant move for Bitcoin advocates in Kansas, it must navigate the legislative process before becoming law.
The bill was introduced on Jan. 16 and was passed to the Committee on Financial Institutions and Insurance on Jan. 17.
From there, it must pass four additional steps before being referred to the House of Representatives, where it will undergo a similar process. If approved, it will be sent to the governor for final approval or veto.
How a bill becomes law in Kansas. Source: Kansas Legislature
This bill marks a potential shift in Kansas lawmakers’ stance on cryptocurrency investments. In 2023, lawmakers in the Kansas House of Representatives introduced a bill to limit political crypto donations to $100. The $100 cap would be based on the “fair market value” of the digital assets after it was received.
The bill would also require the crypto donations to be immediately converted into US dollars, with no scope for expenditures or holding the assets. However, the 2023 bill was struck from the calendar after failing to comply with the state’s Rule 1507, which enforces strict deadlines for certain bills.
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This article first appeared at Cointelegraph.com News
