The bill amends the Public Employee Retirement System Investment Act to introduce a new section, 19c, which allows the state treasurer, as the investment fiduciary, to invest in cryptocurrency. Specifically, the bill stipulates that the cryptocurrency must have a market capitalization of at least $250 billion, averaged over the previous calendar year. Additionally, any digital assets held by the state must be in the form of an exchange-traded product issued by a registered investment company.

Furthermore, the bill defines "cryptocurrency" as digital currency that utilizes encryption techniques for generating currency units and verifying fund transfers, operating independently of a central bank. This legislative change aims to expand investment options for public employee retirement systems by incorporating cryptocurrency into their portfolios, provided they meet the specified criteria.

Statutes affected:
House Introduced Bill: 38.1132, 38.1141