Texas Sets Up Advisory Committee for Strategic Bitcoin Reserve, Taps CleanSpark CFO

Texas is moving from talk to execution on a state-run Bitcoin reserve. Acting Texas Comptroller Kelly Hancock said May 28 that the state has created the Texas Strategic Bitcoin Reserve Advisory Committee, a five-member body established under Senate Bill 21. The group will advise Texas on how to value, safeguard and administer Bitcoin as a public-sector asset. The committee brings together voices from mining, finance and academia. Among the appointees is Gary A. Vecchiarelli, president and CFO of CleanSpark, one of the largest publicly traded Bitcoin miners in the U.S. Jamie McAvity, CEO of Cormint Data Systems, adds another mining seat; Cormint operates Bitcoin mining facilities in Texas. Investment professional Laurie Dotter also joins. Carla Reyes, an SMU law professor specializing in digital asset policy, is another named member. The committee is charged with recommendations across four areas: Bitcoin valuation, risk management, digital asset management and custody policy. The panel's formation follows passage of Senate Bill 21 during the 89th Texas Legislature, legislation that set the legal foundation for establishing and maintaining a strategic Bitcoin reserve. At the same time, Hancock's office issued a request for proposals seeking firms to provide custody and liquidity services for the state's Bitcoin holdings, with an emphasis on institutional-grade security and transparent public reporting. For investors, the roster offers clues about Texas' direction. The presence of two mining executives suggests the state is viewing Bitcoin in the context of its energy and infrastructure footprint, not solely as a financial allocation. The inclusion of a digital-asset policy scholar points to heightened attention to regulatory and governance issues at the state level. Two near-term developments merit attention: which providers win the custody and liquidity RFP, and whether other large states pursue similar legislation.