Kansas Senator Proposes Bill For State’s Strategic Bitcoin Reserve And ETF Investment
On Thursday, Senator Craig Bowser launched a brand new piece of laws aimed toward making a Strategic Bitcoin and cryptocurrency reserve for Kansas state.
The proposal, filed as Bill 352, would allow the Kansas Public Employees Retirement System (KPERS) to allocate as much as 10% of its whole funds into Bitcoin exchange-traded funds (ETFs).
Kansas Bitcoin Bill
Under the bill’s framework, KPERS wouldn’t be obligated to promote its Bitcoin ETF holdings if their worth grows past the ten% allocation threshold, except the board determines that doing so would higher serve the pursuits of beneficiaries.
If enacted, the laws would additionally require the KPERS board to conduct an annual evaluate of the funding program, with the outcomes formally submitted to the governor for oversight and analysis.
Kansas’ transfer follows a rising development amongst US states exploring BTC as a strategic asset because the regulatory surroundings surrounding crypto has considerably shifted underneath President Donald Trump’s administration.
US States Move Toward Crypto Reserves
Texas set an early benchmark final November when it turned the primary state to formally incorporate cryptocurrency into its treasury technique by buying $10 million price of Bitcoin.
In North Dakota, lawmakers are contemplating BTC investments as a possible hedge towards inflation. Oklahoma has additionally entered the dialog, with Senator Dusty Deevers introducing the Bitcoin Freedom Act.
Meanwhile, Tennessee introduced a brand new invoice final week—HB1695—designed to determine its personal Strategic Bitcoin Reserve. West Virginia has put ahead Senate Bill 143, which proposes allocating 10% of sure state funds towards a cryptocurrency reserve.
Missouri has made notable progress as properly, advancing House Bill 2080 to create a Strategic Bitcoin Reserve Fund. That measure has already handed its second studying and is now shifting ahead for additional consideration within the state House.
Featured picture from DALL-E, chart from TradingView.com
