Texas is moving beyond discussion on a state Bitcoin reserve. Acting Comptroller Kelly Hancock announced the formation of the Texas Strategic Bitcoin Reserve Advisory Committee, a five-member panel created under Senate Bill 21. The committee's mandate: advise on valuation, security, and management of Bitcoin as a public asset.
The panel includes Gary Vecchiarelli, President and CFO of CleanSpark, a top U.S. publicly traded Bitcoin miner; Jamie McAvity of Cormint Data Systems; investment expert Laurie Dotter; and SMU law professor Carla Reyes, a digital asset policy specialist.
The committee will focus on four areas: Bitcoin valuation, risk management, digital asset management, and custody policies. Alongside the announcement, the Comptroller's office issued an RFP for custody and liquidity services, emphasizing institutional-grade security and transparent reporting.
The composition signals Texas views Bitcoin through the lens of energy infrastructure and regulatory evolution. Investors should watch which firms win the custody RFP to gauge the state's definition of 'institutional grade,' and whether other large states follow suit.