The Acting Texas Comptroller Kelly Hancock announced on Thursday the members of Texas Strategic Bitcoin Reserve Advisory Committee. This newly formed body is tasked to guide the state’s administration, custody and valuation of its bitcoin holdings.
Senate Bill 21 established the committee. passed by the 89th Texas Legislature and signed into law on June 22, 2025 — making Texas one of the most prominent states in the nation to move forward with an operational bitcoin reserve.
“The Legislature gave the Comptroller’s office a clear responsibility to administer the Texas Strategic Bitcoin Reserve, and that work must be done with transparency, security and strong financial controls,” Hancock said that in the a statement Thursday. “This advisory committee brings together the kind of expertise needed to help the state carry out that direction carefully, responsibly and in the best interest of Texas taxpayers.”
The five-member committee — which includes Hancock himself — draws on a broad range of financial, legal, and digital asset expertise.
Laurie Dotter is the chair of the Investment Advisory Board for Employees Retirement System of Texas. She has more than 35 year’s experience in investment and governance.
Jamie McAvity is the founder and CEO at Cormint Data Systems. He has been recognized as a national bitcoin miner. His 130 megawatt mining facility, located in Fort Stockton, boasts top-rated efficiency.
Carla Reyes, a Southern Methodist University professor and legal scholar, is currently a member of the Innovation Advisory Committee for the Commodity Futures Trading Commission. Reyes has given testimony to Congress regarding blockchain policy.
Gary A. Vecchiarelli CPA is president and CFO at CleanSpark. Vecchiarelli built the company’s BTC institutional trading desk. His yield strategies and digital asset governance were also developed.
Also, the office issued a RFP seeking iShares Bitcoin Trust IBIT, which holds approximately $10 million of exposure, is looking for a crypto custodian that can provide services such as secure custody and liquidity. Asset management will also be provided.
The decision signals that the ETFs will be replaced by directly held Bitcoin within 60 calendar days following contract execution. Over time, this move will reflect a trend toward institutional security and full ownership of crypto assets.
Washington’s Bitcoin reserves push faces hurdles
Texas’s move comes as the federal government continues working to solidify its own Strategic Bitcoin Reserve — a process that has proven more complicated than initially anticipated.
The President of the United States, Donald Trump signed an executive order on March 6, 2025, directing the Treasury Department to establish a reserve seeded with BTC already held through criminal and civil asset forfeitures — an estimated 328,372 BTC, making the U.S. the largest known state holder of BTC in the world.
This order prohibits the Treasury explicitly from selling these bitcoin.
But the process of creating a formalized reserve was delayed. Patrick Witt acknowledged in January 2026 that the path to a formal, codified reserve has been delayed. “obscure legal provisions” There is still a lot to do.
Witten, by May 2026. signaled A major breakthrough in the law had been achieved, and an announcement regarding the reservation was on its way.
Congress has also been moving forward with legislation that would make the reserve permanently. The American Reserves Modernization Act — co-sponsored by Senator Cynthia Lummis and Representative Nick Begich — would authorize the Treasury to purchase up to 200,000 BTC per year for five years, with holdings locked for a minimum of 20 years.
The Treasury is expected to make its first Bitcoin open market purchase in Q4 of 2026 if the bill passes.
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Source: bitcoinmagazine.com
