Crypto Law Profile
Kansas SB 34 would have authorized KPERS to invest up to 10% of fund assets in Bitcoin exchange-traded products, subject to issuer, registration and valuation limits. The bill is listed as died.
Kansas Senate Bill 34 was a 2025 retirement and pensions proposal that would have amended K.S.A. 2024 Supp. 74-4921 to authorize the Kansas Public Employees Retirement System Board of Trustees to invest a limited share of the Kansas public employees retirement fund in Bitcoin exchange-traded products. The Kansas Legislature bill page lists SB 34 as died as of the June 11, 2026 verification date, so the proposal should be treated as inactive rather than operative Kansas law.
The bill was introduced in the Kansas Senate by Senator Craig Bowser on January 16, 2025. Its official title described authorization for the KPERS Board to invest in Bitcoin exchange-traded products and to provide requirements, limitations and definitions for those investments. The bill page identifies the chamber as the Senate, the subject as retirement and pensions, and the affected statute as K.S.A. 2024 Supp. 74-4921.
SB 34 would have allowed, but not required, the KPERS Board of Trustees to invest and reinvest fund moneys in Bitcoin exchange-traded products issued by an investment company registered in Kansas. KPERS’ overview stated that the bill would provide the Board with the option to invest and did not mandate Bitcoin investment.
The proposal would have capped total Bitcoin investments at 10% of total investment assets of the KPERS Fund. If market movements caused Bitcoin investments to exceed that threshold, the cap would not be treated as violated solely because of those market forces. However, the Board could not make additional Bitcoin investments until the value fell below 10%. The Board also would not have been required to liquidate above-cap holdings unless sale was prudent and in the best interests of members and beneficiaries.
The bill defined Bitcoin by reference to the decentralized digital currency launched in 2009 and tied the covered asset to Bitcoin exchange-traded products regulated by the U.S. Securities and Exchange Commission. It defined an exchange-traded product as a financial instrument approved by the SEC, the Commodity Futures Trading Commission or the Office of the Securities Commissioner of Kansas, traded on a U.S. regulated exchange, and deriving value from an underlying asset pool.
SB 34 was limited to Kansas and to the investment authority of the KPERS Board over the public employees retirement fund. It did not create a state Bitcoin reserve, regulate private crypto markets or impose duties on private investors. Its practical impact would have been in the public pension and government-investment context, with exposure limited to exchange-traded products rather than direct state custody of Bitcoin.
The bill also sat within existing statutory standards requiring the KPERS Board to manage the fund solely for members and beneficiaries, preserve the fund to provide benefits and apply prudence, diversification and investment-policy standards. KPERS stated that, at the time of its overview, it did not invest in cryptocurrencies and its investment policy did not include Bitcoin.
SB 34 was introduced on January 16, 2025. A secondary legislative tracker reports that it was referred on January 17, 2025, to the Senate Committee on Financial Institutions and Insurance. The Kansas Legislature’s current bill page lists the measure as died, with no enrolled bill, governor action, enacted date or operative effective date. Although the bill text included a proposed effective-date clause for publication in the statute book, that clause did not become operative.
The Kansas Division of the Budget fiscal note summarized the bill as allowing KPERS to invest and reinvest in Bitcoin exchange-traded products subject to the 10% cap. It also reported that KPERS indicated enactment would not require additional expenditures to implement. That fiscal note is an analysis of the bill as introduced, not evidence that the authority became effective.
Would have permitted the KPERS Board to invest and reinvest fund moneys in Bitcoin exchange-traded products issued by a Kansas-registered investment company.
Would have limited total Bitcoin investments to 10% of total KPERS investment assets, with no forced sale solely because market gains moved holdings above the cap.
KPERS summarized the bill as optional authority for the Board and stated that it would not require investments in Bitcoin.
Defined exchange-traded products by reference to approval by the SEC, CFTC or Kansas securities commissioner and trading on a U.S. regulated exchange.
Sen. Craig Bowser introduced SB 34 in the Kansas Senate.
LegiScan reports referral to the Senate Committee on Financial Institutions and Insurance.
Official Kansas bill page listed SB 34 as died when verified; exact status-change date was not shown.
Kansas Legislature, Kansas Senate, KPERS, KPERS Board of Trustees
Bitcoin, Exchange-traded products
As of June 11, 2026, the Kansas Legislature bill page lists SB 34 as died. This profile treats the proposal as inactive and does not describe it as Kansas law.
