Texas has moved nearer to holding Bitcoin straight after naming a brand new advisory committee to information the state’s Strategic Bitcoin Reserve.
Abstract
- Texas has named a five-member advisory committee to information the administration, custody, and valuation of its Strategic Bitcoin Reserve.
- The state is searching for a certified crypto custodian because it prepares to maneuver from IBIT-based publicity to straight held Bitcoin.
- The reserve presently holds about $10 million in Bitcoin publicity via BlackRock’s iShares Bitcoin Belief.
The Texas Comptroller’s workplace stated Thursday that Appearing Comptroller Kelly Hancock will serve on the five-member Texas Strategic Bitcoin Reserve Advisory Committee, which can advise the state on custody, valuation, and administration of Bitcoin holdings.
The committee was created underneath Senate Invoice 21, which the 89th Texas Legislature handed and signed into regulation on June 22, 2025. The regulation gave the Comptroller’s workplace authority to manage the reserve and arrange a framework for state-level Bitcoin publicity.
Hancock stated in a press release that lawmakers gave his workplace a transparent responsibility to handle the reserve with transparency, safety, and robust monetary controls. He added that the committee brings the experience wanted to hold out that work fastidiously and within the curiosity of Texas taxpayers.
Texas names Bitcoin reserve advisers
Alongside Hancock, the panel contains Laurie Dotter, chair of the Funding Advisory Board for the Staff’ Retirement System of Texas. In response to the Comptroller’s workplace, Dotter brings greater than 35 years of expertise in funding oversight and governance.
Jamie McAvity, founder and CEO of Cormint Knowledge Programs, additionally joined the committee. Cormint operates a 130-megawatt Bitcoin mining facility in Fort Stockton, which the corporate has described as some of the environment friendly mining websites within the nation.
The committee additionally contains Carla Reyes, a Southern Methodist College regulation professor who serves on the Commodity Futures Buying and selling Fee’s Innovation Advisory Committee. Reyes has additionally testified earlier than Congress on blockchain coverage.
Gary A. Vecchiarelli, CPA, president and CFO of CleanSpark, completes the panel. The Comptroller’s workplace cited his work constructing CleanSpark’s Bitcoin buying and selling desk, yield methods, and digital asset governance methods.
State seeks Crypto Custodian
On the similar time, the Comptroller’s workplace issued a request for proposals for a certified crypto custodian to help the reserve. The RFP covers safe custody, liquidity providers, and asset administration.
In response to the workplace, the reserve presently has about $10 million of publicity via BlackRock’s iShares Bitcoin Belief. The RFP outlines a plan to transition from ETF-based publicity to direct Bitcoin holdings inside 60 days of contract signing.
The custodian search locations Texas among the many most lively U.S. states pursuing a proper Bitcoin reserve construction. The state’s method facilities on direct custody, monetary controls, and help for added digital belongings over time, based on the RFP.
Federal Reserve plan continues to be creating
In the meantime, the federal authorities has continued work by itself Strategic Bitcoin Reserve. President Donald Trump signed an govt order on March 6, 2025, directing the Treasury Division to create a reserve utilizing Bitcoin already held via felony and civil forfeitures.
The order barred the Treasury from promoting these holdings. The U.S. authorities’s forfeiture-linked holdings have been estimated at 328,372 BTC, making it the biggest identified state holder of Bitcoin.
In January 2026, Patrick Witt, govt director of the President’s Council of Advisors for Digital Property, stated authorized points nonetheless wanted to be resolved earlier than the Federal Reserve may very well be accomplished. By Could 2026, Witt stated a serious authorized breakthrough had been reached and that an announcement was shut.
On Capitol Hill, Senator Cynthia Lummis and Consultant Nick Begich have backed the American Reserves Modernization Act. The invoice would permit the Treasury to purchase as much as 200,000 BTC every year for 5 years.
Below the proposal, the Treasury would maintain the Bitcoin for not less than 20 years. If Congress passes the invoice, the primary open-market Treasury Bitcoin buy is projected for the fourth quarter of 2026.
