Steven Fulop, the mayor of Jersey City since 2013, suggested he planned to allocate part of the city’s pension fund to crypto exchange-traded funds, or ETFs. 

In a July 25 X Post, Mayor Fulop said the Jersey City pension fund was updating its paperwork with the United States Securities and Exchange Commission (SEC) to reflect an investment in Bitcoin ( BTC ) ETFs. Though the mayor did not explicitly state what percentage of the fund would be in crypto, he said it would be similar to the 2% allocated by the Wisconsin Pension Fund.

“I’ve been a long time believer (through ups/downs) in crypto but Broadly [sic], beyond crypto I do believe blockchain is amongst the most important new technology innovations since the internet,” said Fulop.

Source: Steven Fulop

In May, the State of Wisconsin Investment Board reported exposure to spot Bitcoin ETFs issued by Grayscale and BlackRock. At the time, the two crypto investments totaled $164 million out of the board’s roughly $156 billion in assets. 

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The SEC approved the listing and trading of spot Bitcoin ETFs on US exchanges in January, but of publicly-run pension funds, only those from the states of Wisconsin and Jersey City seem to be considering crypto ETFs. Mayor Fulop did not explicitly mention potentially investing in spot Ether ( ETH ) ETFs, which started trading in the US on July 23.

Major financial institutions Wells Fargo and JPMorgan Chase reported less than $1 million combined in spot Bitcoin ETF investments — a tiny fraction of the firms’ trillions of dollars in assets. Cointelegraph reached out to Mayor Fulop for comment but did not receive a response at the time of publication.

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