Key Takeaways
- As per the proposed bill, when the value of the Bitcoin ETFs crosses 10% of the fund, the board wouldn’t be mandated to sell unless it would be in the best interests of the beneficiaries.
In a significant development, US state Kansas State Senator Craig Bowser has put forth Senate Bill 34 which introduces Kansas Public Employees Retirement System (KPERS) to invest up to 10% of its funds in Bitcoin-related financial products.
As per the proposed bill, when the value of the Bitcoin ETFs crosses 10% of the fund, the board wouldn’t be mandated to sell unless it would be in the best interests of the beneficiaries.
The legislative journey for Senate Bill 34 is still in its initial stages. Introduced on January 16 and referred to the Committee on Financial Institutions and Insurance on January 17, the bill must navigate multiple legislative checkpoints before potentially becoming law. It will require passage through various committees, approval in the House of Representatives, and ultimately, the governor’s signature.
As per the bill, the board of trustees is also entrusted with the responsibility to provide an annual examination of the investment program to monitor the performance of the investments.
This proposal emerges against the complex backdrop of Kansas’s evolving relationship with crypto legislation. Previously, the state considered a bill in 2023 that would have limited political crypto donations to $100, which was ultimately removed from the legislative calendar due to procedural constraints.
