California Senator Backs Crypto Advocate for Role on $500b Pension Fund Panel

California State Senator Ben Allen is expressing his support for Dom Bei, a Bitcoin advocate, in the race for a seat on the board of California's public pension fund, California Public Employees’ Retirement System (CalPERS).

Bei, the founder of Proof of Workforce, a non-profit organization that promotes Bitcoin adoption through education for workers, unions, and pension funds, is campaigning to become a member of CalPERS, the largest public pension fund in the US with over $500 billion in assets and serving over 2 million members.

CalPERS manages the retirement assets of various public sector employees in California, including police officers, firefighters, and teachers. Additionally, the pension fund has over 1.5 million members in its health program.

The board of trustees for CalPERS consists of 13 members. An endorsement from Sen. Allen could potentially lead to Bei becoming the first Bitcoin advocate to be elected to the board.

"I have spent over a decade advocating for workers and wage-earners. Now, I am running for the CalPERS Board of Trustees to safeguard our nation's largest public pension, which serves over 2 million participants," Bei wrote in a post on X.

As a former firefighter and a previous member of the advisory board for the Santa Monica pension fund, Bei's pro-Bitcoin stance has garnered support from various figures in the industry.

Industry observers believe that Bei's election to CalPERS could be a significant step towards Bitcoin adoption in pensions and other public sector platforms. With Bei's experience and his holding of Bitcoin, the largest pension fund in the US could potentially explore and add the leading digital asset to its holdings.

Senator Allen is not the only one endorsing Bei, as he has received support from over a dozen state legislators. The mayor of Santa Monica, Lana Negrete, and California treasurer candidate Tony Vazquez have also shown their support. Anthony Pompliano, the founder and CEO of Professional Capital Management, has also voiced his endorsement.

In 2024, several pension and endowment funds disclosed their exposure to Bitcoin, which coincided with the rapid adoption following the Securities and Exchange Commission's approval of the first spot Bitcoin exchange-traded funds. These funds include state pension funds and multiple university endowment funds.