In a notable development for cryptocurrency adoption within government institutions, California State Senator Ben Allen has officially endorsed Dom Bei, a prominent Bitcoin advocate and veteran firefighter, for a position on the California Public Employees’ Retirement System (CalPERS) board.
Bei, who has served as a firefighter for 16 years and founded the Bitcoin nonprofit Proof of Workforce, brings substantial experience from his previous role on Santa Monica’s pension advisory board, where he advocated for innovative investment strategies.
The endorsement from Senator Allen joins support from other notable officials, including Tony Vazquez of the California Board of Equalization and Santa Monica Mayor Lana Negrete, demonstrating growing political acceptance of cryptocurrency expertise within traditional financial governance structures. Vancouver Mayor Ken Sim has also provided significant backing to Bei’s campaign.
Industry figure Anthony Pompliano has also voiced support for Bei’s candidacy, highlighting the crossover between public sector interests and digital asset innovation.
CalPERS, as the nation’s largest public pension fund managing over $500 billion in assets for more than 2 million public sector retirees, faces significant challenges with its traditional 60/40 portfolio allocation amid inflation pressures and interest rate fluctuations.
Bei’s potential election could introduce the initial openly pro-Bitcoin perspective to the 13-member board that wields considerable influence over investment strategies affecting California’s public employees.
The timing of Bei’s candidacy coincides with broader cryptocurrency adoption trends across U.S. governmental bodies, with at least 20 states considering crypto-related legislative actions. Bei’s expertise in blockchain technology could prove valuable as pension funds explore digital asset integration.
Several states, including Texas and Rhode Island, are exploring cryptocurrency reserve bills, while federal initiatives like the BITCOIN Act propose establishing a Strategic Bitcoin Reserve.
Ballots for the CalPERS board election will be distributed in late August, with Bei’s campaign accepting both fiat and Bitcoin donations.
If successful, Bei’s election could catalyze discussions about incorporating Bitcoin as a non-correlated asset class within the pension fund’s portfolio, potentially enhancing diversification and resilience against economic uncertainty while establishing a precedent for public pension funds nationwide. His knowledge of stablecoins could also help CalPERS explore lower transaction costs compared to traditional financial systems for cross-border investments.
