Texas expands bitcoin reserve oversight with advisory committee appointments

Traders Union
All News
Crypto
Texas bitcoin reserve oversight

Highlights

Texas Acting Comptroller Kelly Hancock appoints four experts to the five-member Strategic Bitcoin Reserve Advisory Committee under Senate Bill 21 for reserve oversight.
The Comptroller's office issued a Request for Proposals this month seeking a provider to acquire, hold, manage, and report the state's bitcoin holdings.
Texas is moving reserve assets from BlackRock's IBIT to direct bitcoin holdings, positioning itself as a leader in state-level digital asset treasury management.

Committee appointments and reserve setup

As reported by The Block, Texas Acting Comptroller Kelly Hancock appoints four outside members to the state's Strategic Bitcoin Reserve Advisory Committee on Thursday under Senate Bill 21.

The five-member committee, which includes Hancock, advises the comptroller on recommendations tied to bitcoin valuation, custody, risk and reserve management. In a statement, Hancock says the Legislature assigned the comptroller's office clear responsibility for administering the Texas Strategic Bitcoin Reserve and that the work must be carried out with transparency, security and strong financial controls.

The new appointees are CleanSpark CFO and president Gary Vecchiarelli, Cormint Data Systems founder and CEO Jamie McAvity, Southern Methodist University law professor Carla Reyes, and investment executive Laurie Dotter. Vecchiarelli has helped build CleanSpark's digital asset management program, including a trading desk, yield strategies, borrowing facilities and governance policies for bitcoin transactions.

McAvity leads Texas-based bitcoin mining firm Cormint, which operates a 130-megawatt facility in Fort Stockton. Reyes focuses on digital asset and commercial law and also serves on the Commodity and Futures Trading Commission's Innovation Advisory Committee, while Dotter chairs the Investment Advisory Board for the Employees' Retirement System of Texas and sits on the comptroller's primary Investment Advisory Board.

Custody search and market implications

Alongside the committee rollout, the Comptroller's office issues a Request for Proposals earlier this month for a provider that will acquire, hold, manage and report the state's bitcoin holdings.

The move follows Texas's effort to transition reserve assets from BlackRock's IBIT into direct bitcoin holdings, according to the summary provided with the report. That step signals a broader push toward direct custody and reserve management, placing Texas at the forefront of state-level digital asset treasury initiatives in the U.S.

Data center expansion across the U.S. is reshaping the credit outlook for states and local governments as they compete for projects with tax incentives and expedited permitting. Our earlier report highlighted that the ultimate fiscal impact depends on whether negotiated agreements deliver durable tax-base growth and revenue, or leave public entities exposed to longer-term financial risk.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.