The state of Texas is one step closer to holding Bitcoin immediately after appointing a new advisory committee to guide the state’s Strategic Bitcoin Reserve.
summary
- Texas has appointed a five-member advisory committee to guide the management, maintenance and evaluation of its Strategic Bitcoin Reserve.
- The country is looking for a qualified crypto custodian as it prepares to transition from IBIT-based exposure to directly owned Bitcoin.
- The reserve currently holds about $10 million of Bitcoin exposure through BlackRock’s iShares Bitcoin Trust.
Acting Comptroller Kelly Hancock will serve on the five-member Texas Strategic Bitcoin Reserve Advisory Committee, which will advise the state on the stewardship, evaluation and management of bitcoin, the Texas Comptroller’s Office said Thursday. Bitcoin collectibles.
The committee was established under Senate Bill 21which was passed and signed into law by the 89th Texas Legislature on June 22, 2025. The law gave the Comptroller’s Office the authority to manage the reserve and establish a statewide Bitcoin exposure framework.
Hancock He said He said in a statement that lawmakers gave his office a clear duty to manage the reserve with transparency, security and strong financial controls. He added that the committee provides the expertise necessary to carry out this work carefully and for the benefit of Texas taxpayers.
Texas Hires Advisors for Bitcoin Reserves
In addition to Hancock, the committee includes Lori Dotter, chair of the Texas Employees Retirement System’s Investment Advisory Board. According to the Comptroller’s Office, Dotter has more than 35 years of experience in investment oversight and governance.
Also joining the panel was Jamie McAvitty, founder and CEO of Cormint Data Systems. Cormint operates a 130-megawatt bitcoin mining facility at Fort Stockton, which the company has described as one of the most efficient mining sites in the country.
The panel also includes Carla Reyes, a law professor at Southern Methodist University who serves on the CFTC’s Innovation Advisory Committee. Reyes has also testified before Congress on blockchain policy.
Gary A. Vecchiarelli, CPA, President and CFO of CleanSpark, rounds out the panel. The comptroller’s office cited his work building CleanSpark’s bitcoin trading desk, yield strategies, and digital asset management systems.
The state is seeking a crypto custodian
Meanwhile, the Comptroller’s Office issued a request for proposals for a qualified crypto custodian to support the reserve. The RFP covers safekeeping, liquidity, and asset management services.
According to the desk, the reserve currently has about $10 million in exposure through BlackRock’s iShares Bitcoin Trust. The RFP outlines a plan to transition from ETF-based exposure to direct Bitcoin holdings within 60 days of contract signing.
Trustee research places Texas among the most active US states seeking to create an official reserve structure for Bitcoin. The state’s approach focuses on direct custody, financial controls, and support for additional digital assets over time, according to the RFP.
The Fed’s plan is still under development
Meanwhile, the federal government continued to work on its Strategic Bitcoin Reserve. President Donald Trump I fell An executive order dated March 6, 2025, directs the Treasury Department to create a reserve using Bitcoin already held through criminal and civil forfeiture.
The order prevented the Treasury Department from selling those properties. US government holdings associated with the seizure were estimated at 328,372 bitcoins, making it the largest bitcoin holder country.
In January 2026, Patrick Witt, executive director of the President’s Council of Advisors on Digital Assets, said that legal issues still needed to be resolved before the Fed could complete it. By May 2026, Witt said a major legal breakthrough had been made and an announcement was imminent.
On Capitol Hill, Senator Cynthia Lummis Representative Nick Begich supported the US Reserves Modernization Act. The bill would allow the Treasury to purchase up to 200,000 bitcoins each year for five years.
Under this proposal, the Treasury would hold bitcoin for at least 20 years. If Congress passes the bill, the first Bitcoin purchases from the Treasury on the open market are expected to take place in the fourth quarter of 2026.
