- Texas established a Bitcoin reserve committee under SB 21 to manage custody, valuation, and risk controls for state holdings.
- Members include investment, legal, mining, and financial experts tasked with ensuring institutional-grade oversight and transparency.
- The state issued a custody RFP to transition toward direct Bitcoin storage while strengthening security and reporting standards.
Texas has formed the Texas Strategic Bitcoin Reserve Advisory Committee, with Acting Comptroller Kelly Hancock announcing the members on Thursday. The committee will guide management, custody, and valuation of state-held bitcoin under Senate Bill 21. The law passed through the 89th Texas Legislature and became effective after signing on June 22, 2025. Texas also issued a request for proposals for a qualified firm to custody future bitcoin purchases.
Hancock Names Committee Members for Oversight Role
According to Hancock, the committee supports transparent administration of the Texas Strategic Bitcoin Reserve. The role includes oversight of risk controls, custody standards, and valuation policies.
Notably, the committee includes Hancock alongside four industry figures. Laurie Dotter brings more than 35 years of investment governance experience. She also chairs the Employees Retirement System of Texas Investment Advisory Board.
Jamie McAvity, founder of Cormint Data Systems, joins with experience in bitcoin mining and energy infrastructure. 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. He has built institutional-grade bitcoin trading and risk frameworks.
Custody RFP Targets Institutional Security Standards
Meanwhile, the Comptroller’s office has issued a request for proposals to identify a bitcoin custody provider. The selected firm will manage acquisition, storage, liquidity, and reporting functions for the reserve.
The state currently holds about $10 million in bitcoin exposure through the iShares Bitcoin Trust. However, officials plan to transition toward direct custody within 60 days of contract execution.
The RFP requires secure key management systems and operational controls. It also includes legislative reporting and public disclosure requirements for reserve transparency.
Federal Bitcoin Reserve Efforts Face Ongoing Delays
Texas’ action comes as federal bitcoin reserve planning continues under a separate framework. A March 2025 executive order directed the U.S. Treasury to establish a reserve using forfeited Bitcoin holdings.That reserve includes an estimated 328,372 BTC. However, legal and legislative steps remain unresolved as of early 2026. Additionally, proposed legislation would authorize annual Bitcoin purchases for five years. The framework also includes a 20-year holding requirement for acquired assets.