Chair

Bitcoin

Safety

The Arizona state Senate has taken a significant step toward considering the inclusion of Bitcoin ETFs in state retirement portfolios. A recently advanced <a href="https://legiscan.com/AZ/supplement/SCR1016/id/426920" target="_blank" rel="noopener nofollow">resolution </a>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.&nbsp; 
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. 
<h2 id="resolution-to-explore-bitcoin-etfs">Resolution To Explore Bitcoin ETFs</h2> 
The resolution urges ASRS and PSPRS to consider the implications of including a <a href="https://bitcoinist.com/grayscale-urges-sec-options-trading-on-bitcoin-etfs/" target="_blank" rel="noopener ">digital asset ET</a>F 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.&nbsp; 
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.&nbsp; 
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 <a href="https://bitcoinist.com/bitcoin-as-legal-tender-in-arizona/" target="_blank" rel="noopener ">spearheaded</a> 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 <a href="https://bitcoinist.com/crypto-bank-of-america-now-offer-bitcoin-etfs/" target="_blank" rel="noopener ">further examination</a> and consideration. The committee will assess the potential impact and viability of including Bitcoin ETFs in Arizona state retirement plans. 
<h2 id="cftc-chair-urges-congress-to-address-crypto-regulations">CFTC Chair Urges Congress To Address Crypto Regulations</h2> 
Rostin Behnam, the Chair of the Commodity Futures Trading Commission (CFTC), has reiterated his call for Congress to pass <a href="https://bitcoinist.com/cftc-issues-warning-on-ai-driven-crypto-scams/" target="_blank" rel="noopener ">legislation </a>that addresses regulatory jurisdictions in the cryptocurrency industry.&nbsp; 
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 <a href="https://bitcoinist.com/cftc-chair-raises-concerns-over-bitcoin-etfs/" target="_blank" rel="noopener ">spot market</a> 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. 
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. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/EI2Va3ew/" alt="Bitcoin ETFs" width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

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

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