Exploration Resolution
The Arizona State Senate has passed a resolution encouraging state retirement funds to consider investing in Bitcoin exchange-traded funds (ETFs). The resolution specifically targets the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS).
Monitoring and Reporting
The resolution requires ASRS and PSPRS to monitor Bitcoin ETFs and report on their feasibility, risks, and potential benefits. This report must be submitted to state officials at least three months before the next legislative session.
Senate Vote
The resolution passed the Senate with a 16-13 vote along party lines, with Democrats opposing the measure. Republican Senator Wendy Rogers, a previous advocate for making Bitcoin legal tender, supported the resolution.
CFTC Chair’s Call for Regulation
Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), has urged Congress to address cryptocurrency regulations. He highlighted the need for legislation to clarify jurisdictions and protect consumers from fraud and financial crimes.
Whistleblower Program Concerns
Behnam expressed concerns about potential disruptions to the CFTC’s whistleblower program, which has been used to combat misconduct in the digital asset market. He called for a long-term fix and clarification of the program’s funding mechanisms.
