Crypto Fallout Leaves US Retiree Benefits Mostly Unscathed

While it seemed like everyone was jumping into the cryptocurrency market in the last few years, one major investor showed restraint -- a bet that seems to be paying off.

Most of the largest US state and local government pension funds have dodged the ongoing fallout from the collapse of crypto exchange FTX by not directly investing in digital tokens. For the pensions that have dipped into the risky asset class, the investments represent just a small amount of the retirement funds’ portfolio, and much of the limited exposure is indirect via crypto-related stocks or other investment products.

“It would ...