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Council rejects proposal to allow cryptocurrency in pension-stabilization trust, 3–2
Summary
After an extended debate over risk, fiduciary duty and economic development PR, the City Council voted 3–2 against revising the pension-stabilization trust investment policy to permit cryptocurrency exchange-traded funds with a proposed 2.5% cap.
The El Segundo City Council considered a staff-and-citizen proposal to amend the city’s 115 pension-stabilization trust Investment Policy Statement to permit investment in cryptocurrency exchange-traded funds (ETFs). The motion, which would have authorized a maximum exposure of 2.5% of the pension-stabilization trust to cryptocurrency ETFs and required trustee approval, failed on a 3–2 vote.
Staff and advisors provided background on the trust: the 115 pension stabilization account was seeded with an initial city contribution and now holds roughly $6.2 million, the product of periodic contributions and investment gains. City staff said the IPS does not currently list cryptocurrency as an allowable…
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