Texas Appoints Committee to Oversee State Bitcoin Reserve

Acting Texas Comptroller Kelly Hancock announced the members of the Texas Strategic Bitcoin Reserve Advisory Committee on Thursday, establishing a formal oversight body to manage the state’s digital asset holdings [1]. The committee, created under Senate Bill 21 passed by the 89th Texas Legislature, is tasked with guiding the custody, valuation, and risk management of the state’s Bitcoin [3].

The five-member panel includes Hancock alongside four industry experts: Laurie Dotter, chair of the Investment Advisory Board for the Employees Retirement System of Texas; Jamie McAvity, CEO of the Bitcoin mining firm Cormint Data Systems; Carla Reyes, a law professor at Southern Methodist University; and Gary A. Vecchiarelli, the CFO of CleanSpark [1]. These members will advise the Comptroller’s office on how to maintain transparency and financial security while managing the state’s exposure to digital assets [3].

The state currently holds approximately $10 million in Bitcoin through the iShares Bitcoin Trust (IBIT) [1]. However, the Comptroller’s office has issued a request for proposals (RFP) seeking a qualified custodian to facilitate a transition toward direct ownership [2]. This plan aims to move the state’s holdings from ETF-based exposure to directly custodied Bitcoin within 60 days of a contract being executed [1]. The mandate also requires the selected custodian to provide institutional-grade security and maintain a public website that discloses the reserve's holdings and current valuation [2].

While Texas moves forward with its state-level operational framework, federal efforts to establish a national strategic reserve remain in flux. President Trump signed an executive order in March 2025 directing the Treasury to hold Bitcoin seized from civil and criminal forfeitures, but officials have cited complex legal hurdles that have delayed the formalization of that reserve [1]. Meanwhile, federal legislation known as the American Reserves Modernization Act is currently advancing in Congress, which would authorize the Treasury to begin open-market Bitcoin purchases as early as the fourth quarter of 2026 [1].

The success of the Texas initiative now hinges on the state’s ability to secure a custodian capable of meeting its strict requirements for transparency and institutional-grade security. Whether this model of state-managed, direct-custody Bitcoin becomes a blueprint for other jurisdictions depends on how effectively the committee balances the volatility of digital assets with the state's fiduciary responsibilities to taxpayers.