California State Senator Ben Allen is advocating for stronger pro-crypto representation by endorsing Dom Bei in his bid for a position on the board of California’s public pension fund.
Bei is the founder of Proof of Workforce, a non-profit organization dedicated to advancing Bitcoin (BTC) adoption through educational programs aimed at workers, unions, and pension funds. He is contending for a seat on the California Public Employees’ Retirement System, known as CalPERS.
CalPERS stands out as the largest public pension fund in the United States, managing assets exceeding $500 billion and serving over 2 million public retirement members, which include California’s police, firefighters, and teachers.
The pension fund also accommodates more than 1.5 million members enrolled in its health program.
The board of trustees for CalPERS consists of 13 members, and an endorsement from Senator Allen could position Bei as the first pro-bitcoin advocate to be elected to the board.
“For more than a decade, I have been dedicated to advocating for workers and wage earners. Now, I am running for the CalPERS Board of Trustees to safeguard our nation’s largest public pension, serving over 2 million participants,” Bei stated in a post on X.
A former firefighter, Bei previously sat on the advisory board of the Santa Monica pension fund. His strong pro-bitcoin stance has garnered support from various figures in the industry.
Analysts believe that winning a seat on CalPERS will be pivotal for the broader initiative to foster BTC adoption across pensions and public sector platforms. Given his experience and status as a Bitcoin holder, Bei could encourage the largest U.S. pension fund to investigate and potentially incorporate the leading digital asset into its portfolio.
In addition to Senator Allen, Bei has garnered endorsements from more than a dozen state legislators. Santa Monica’s mayor, Lana Negrete, and California treasurer candidate Tony Vazquez have also expressed optimism about his campaign. Moreover, Anthony Pompliano, the founder and CEO of Professional Capital Management, has publicly voiced his support.
In 2024, numerous pension and endowment funds revealed their exposure to Bitcoin, coinciding with the surge in adoption that followed the Securities and Exchange Commission’s approval of the first spot BTC exchange-traded funds. This includes state pension funds and various university endowment funds.