Sen. Craig Bowser, Republican of Kansas, invoice The aim is to allocate up to 10% of public servant retirement benefits to Bitcoin (BTC) exchange traded fund (ETF) products.
Kansas senator proposes using Bitcoin as retirement fund
The bill, titled “Senate Bill 34,” would authorize the Kansas Public Employees' Retirement System (KPERS) to invest up to 10% of public employee retirement benefits in Bitcoin ETFs. If passed, the bill would create a KPERS board tasked with overseeing investments in BTC ETFs.
Specifically, the bill specifies that the KPERS Board may allocate funds to Bitcoin ETF products issued only by Kansas-based investment companies. It also provides that if the value of a Bitcoin ETF exceeds 10% of a retirement fund's portfolio, the board is not required to sell it unless it is in the interest of the fund's beneficiaries.
Additionally, the Act requires the KPERS Board to conduct an annual review of the investment program. The results of this review must be submitted to the Governor for oversight and evaluation.
The bill represents an important step toward mainstream acceptance of Bitcoin as a store of value, but it must go through a rigorous legislative process before becoming law. Senate Bill 34 was referred to the Financial Institutions and Insurance Committee on Jan. 17 and must pass four approvals before being sent to the Kansas House of Representatives.
In the House, the bill will go through a similar legislative process before reaching the governor's desk for final approval or veto. If a bill is vetoed, it will be sent back to the state Legislature, which would need a two-thirds majority vote in both chambers to override the veto and become law.
Sen. Bowser's proposal highlights a major shift in Kansas' approach to cryptocurrencies. In 2023, the state House of Representatives introduced a bill that would limit crypto donations to politics to $100, require such donations to be immediately converted to US dollars, and ban the holding or spending of cryptocurrencies. .
BTC fever sweeps the US
Since Donald Trump won the US presidential election in November, several states have begun considering Bitcoin as part of their economic strategies. Earlier this month, the North Dakota Legislature proposed Invest in BTC to fight inflation.
Similarly, Oklahoma State Sen. Dusty Devers recently introduced The Bitcoin Freedom Act aims to give residents the option of receiving their paychecks in BTC. Even in traditionally Democratic states like Massachusetts, under consideration Establish a Bitcoin strategic reserve.
Despite growing enthusiasm for Bitcoin, the US Federal Reserve remains skeptical of the idea. dismiss He says it's “the stupidest idea ever.” At the time of writing, BTC is trading at $105,486, up 0.7% over the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
