Texas Sets Up Strategic Bitcoin Reserve Advisory Committee

Texas has established the Texas Strategic Bitcoin Reserve Advisory Committee under Senate Bill 21 to oversee custody, valuation and risk controls for the state's bitcoin holdings. Acting Comptroller Kelly Hancock announced the committee's membership on Thursday. The panel is intended to provide institutional-grade governance and transparency for the reserve and will help shape custody standards, valuation policies and related risk-management frameworks. The committee includes Hancock and four industry specialists: - Laurie Dotter, with more than 35 years in investment governance; she also chairs the Employees Retirement System of Texas Investment Advisory Board. - Jamie McAvity, founder of Cormint Data Systems, bringing bitcoin mining and energy-infrastructure experience; his firm operates a 130-megawatt facility in Fort Stockton. - Carla Reyes, a Southern Methodist University law professor focused on regulation; she sits on the CFTC Innovation Advisory Committee and has testified before Congress. - Gary A. Vecchiarelli, CFO of CleanSpark, with experience in financial governance and digital-asset structuring, including institutional bitcoin trading and risk frameworks. SB 21 cleared the 89th Texas Legislature and took effect after being signed on June 22, 2025. Separately, the Comptroller's office has issued a request for proposals to hire a qualified custody provider for future bitcoin purchases. The selected firm would handle acquisition, storage, liquidity management and reporting for the reserve. Texas currently has about $10 million of bitcoin exposure through the iShares Bitcoin Trust, and plans to move toward direct custody within 60 days after contract execution. The RFP calls for secure key-management systems, robust operational controls, legislative reporting and public disclosure requirements aimed at strengthening security and reserve transparency. Texas' move comes as federal-level bitcoin reserve efforts remain in progress. A March 2025 executive order directed the U.S. Treasury to establish a reserve using forfeited bitcoin holdings, estimated at 328,372 BTC, though legal and legislative steps were still unresolved as of early 2026. Proposed legislation would also authorize annual bitcoin purchases for five years and impose a 20-year holding requirement on acquired assets.