The digital asset revolution is here, and the Chamber of Digital Commerce is committed to ensuring the state of Arizona is at the forefront of this financial transformation. That’s why we have voiced our strong support for SCR 1016, a concurrent resolution that encourages the Arizona State Retirement System and the Public Safety Personnel Retirement System to explore investing in digital assets and bitcoin exchange-traded funds (ETFs).

In a letter to Governor Katie Hobbs, the Chamber emphasized the rapidly evolving digital asset landscape and the importance of state retirement systems positioning themselves to capitalize on this innovative asset class. With bitcoin’s market cap surpassing $1 trillion and growing institutional adoption, including approval for several bitcoin ETFs by the SEC, the potential for portfolio diversification and returns is too significant to ignore.

“The Chamber of Digital Commerce believes that Arizona’s state retirement systems must explore all viable investment opportunities that can generate returns and safeguard the financial futures of their members,” the letter states. It highlights that even the federal government recognizes bitcoin’s value by holding approximately 200,000 bitcoins.

By closely evaluating developments in digital asset ETFs and considering their inclusion in investment portfolios, the letter argues that Arizona’s retirement systems can position the state as a leader in embracing innovative financial technologies that benefit its members.

The Chamber calls on Governor Hobbs and the Arizona legislature to support SCR 1016 and provide the necessary resources for a comprehensive feasibility study on investing state retirement funds in digital assets. This forward-thinking approach can unlock new economic opportunities while securing a prosperous future for all Arizonans.

As advocates for the growth of digital assets and blockchain technology, the Chamber of Digital Commerce stands ready to assist Arizona in navigating this cutting-edge financial frontier. The organization’s unparalleled expertise, combined with its broad network of industry leaders, makes it an invaluable ally in shaping policies that foster innovation while protecting consumer interests.

What’s next?

The state Senate passed the resolution in a 16-13 vote in February. Senators followed party lines, with all Democrats voting against the measure. The text is now before the state House Ways and Means Committee. As a concurrent resolution, the measure can proceed with support from the House and Senate, bypassing a signature from Arizona Governor Katie Hobbs. 

If passed, the resolution will ask the ASRS and PSPRS to create a “report on the feasibility, risk and potential benefits of directing a portion of state retirement system monies into digital asset ETFs, including a list of options and recommendations for how the state might safely invest in the digital asset class.”

The time is now for Arizona to seize the immense potential of digital assets. With the Chamber’s support and guidance, SCR 1016 can pave the way for the state to become a model for other jurisdictions seeking to harness the power of this transformative technology responsibly.  Stay tuned as we continue our efforts to drive the secure and sustainable integration of digital assets into the financial mainstream.