Texas has established the Texas Strategic Bitcoin Reserve Advisory Committee, creating a formal oversight body for the state’s bitcoin holdings. Acting Comptroller Kelly Hancock announced the members on Thursday. The committee will guide custody, valuation, and risk controls under SB 21, which passed in the 89th Texas Legislature and took effect after being signed on June 22, 2025.
Committee members bring investment, legal, mining, and finance experience
The committee’s mandate centers on how the state administers its bitcoin reserve. According to Hancock, it is meant to support transparent management of the Texas Strategic Bitcoin Reserve, with attention on custody standards, valuation policies, and operational risk controls. The structure is built around institutional oversight rather than passive exposure.
Hancock is joined by four outside members. Laurie Dotter brings more than 35 years of investment governance experience and also chairs the Employees Retirement System of Texas Investment Advisory Board. Jamie McAvity, founder of Cormint Data Systems, adds bitcoin mining and energy infrastructure experience; his company operates a 130-megawatt facility in Fort Stockton.
Carla Reyes, a law professor at Southern Methodist University, contributes regulatory and academic expertise. She also serves on the CFTC Innovation Advisory Committee and has testified before Congress. Gary A. Vecchiarelli, CFO of CleanSpark, adds financial governance and digital asset structuring experience, including work on institutional bitcoin trading and risk frameworks.
Custody RFP signals a shift from ETF exposure to direct storage
Alongside the committee launch, the Comptroller’s office has issued a request for proposals for a qualified bitcoin custody provider. The selected firm would handle acquisition, storage, liquidity, and reporting functions for the reserve. This is not a symbolic step. It sets up the operational layer needed for the state to hold bitcoin directly.
Texas currently has about $10 million in bitcoin exposure through the iShares Bitcoin Trust. State officials plan to transition toward direct custody within 60 days of contract execution. The RFP calls for secure key management systems and operational controls, while also requiring legislative reporting and public disclosure tied to reserve transparency.
Federal reserve planning remains on a separate track
The Texas move comes while federal bitcoin reserve planning continues under a different framework. A March 2025 executive order directed the U.S. Treasury to establish a reserve using forfeited bitcoin holdings. That reserve is estimated at 328,372 BTC, though legal and legislative questions remained unresolved as of early 2026.
The source also notes proposed legislation that would authorize annual bitcoin purchases for five years and impose a 20-year holding requirement on acquired assets. Against that backdrop, Texas is already putting in place the governance, custody, and reporting structure for a state-level reserve.