Official state legislative records

Kansas Senator Proposes Bill to Invest 10% of KPERS Funds in Bitcoin ETFs Amid 12 States' Crypto Push

Jan 22, 2025, 08:45 PM

Kansas Senator Craig Bowser has introduced Senate Bill 34, which proposes allowing the Kansas Public Employees Retirement System (KPERS) to invest up to 10% of its $25 billion assets under management in Bitcoin exchange-traded funds (ETFs). The bill, which has been referred to the Committee on Financial Institutions and Insurance, aims to diversify the state's public employee retirement funds into cryptocurrency investments. This move comes as part of a broader trend across the United States, with 12 states, including Utah, Florida, Alabama, New Hampshire, Pennsylvania, Ohio, North Dakota, Oklahoma, Texas, Wyoming, Massachusetts, and Arizona, introducing legislation to establish strategic Bitcoin reserves. Utah, in particular, is also considering a bill that would allow up to 10% of state funds to be invested in Bitcoin and stablecoins, signaling a growing acceptance of cryptocurrency as a legitimate investment option among state governments.