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Texas <a href="https://jpygbp.com/btc-usd/">Bitcoin</a> reserve plan advances as federal push faces delays

Texas is taking steps towards owning Bitcoin, having established a new committee to oversee the state’s Bitcoin fund.

Summary

  • Texas has named a five-member advisory committee to guide the management, custody, and valuation of its Strategic Bitcoin Reserve.
  • The state is seeking a qualified crypto custodian as it prepares to move from IBIT-based exposure to directly held Bitcoin.
  • The reserve currently holds about $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust.

The Texas Comptroller’s office announced today that Kelly Hancock, who is currently Acting Comptroller, will be part of a five-person committee advising the state on how to securely store, value, and manage any Bitcoin it holds.

As a crypto investor, I’ve been following the news out of Texas closely. They recently passed Senate Bill 21, which became law in June 2025. This new law gives the Texas Comptroller’s office the power to manage a reserve and, importantly, lays the groundwork for the state to start getting involved with Bitcoin. It’s a big step, and I’m watching to see how it develops.

As an analyst, I’ve reviewed the statement from Hancock, and it’s clear that legislators have tasked his office with responsibly managing the reserve fund. This includes being transparent, maintaining strong security, and adhering to robust financial controls. He believes the established committee possesses the necessary expertise to handle this important work carefully, always keeping the best interests of Texas taxpayers in mind.

Texas names Bitcoin reserve advisers

Joining Hancock on the panel is Laurie Dotter, who leads the Investment Advisory Board for the Employees’ Retirement System of Texas. The Comptroller’s office notes that Dotter has over 35 years of experience overseeing and managing investments.

Jamie McAvity, who founded and leads Cormint Data Systems, also became a member of the committee. Cormint runs a large Bitcoin mining operation in Fort Stockton, Texas, and says it’s one of the most energy-efficient facilities of its kind in the United States.

Carla Reyes, a law professor at Southern Methodist University and a member of the Commodity Futures Trading Commission’s Innovation Advisory Committee, is also on the committee. She has previously shared her expertise on blockchain technology with Congress.

Gary A. Vecchiarelli, a Certified Public Accountant and CleanSpark’s president and CFO, is also participating. The Comptroller’s office highlighted his success in developing CleanSpark’s Bitcoin trading operations, investment strategies, and systems for managing digital assets.

State seeks Crypto Custodian

The Comptroller’s office also asked for proposals from companies that could securely store and manage the reserve’s cryptocurrency. They’re looking for a custodian to provide services like secure storage, help with buying and selling crypto, and overall asset management.

The office reports that the fund currently has around $10 million invested in the BlackRock iShares Bitcoin Trust. A new proposal details a plan to switch from investing in a Bitcoin fund to directly holding Bitcoin itself within two months of a contract being finalized.

Texas is becoming a leader among U.S. states in exploring a formal system for holding Bitcoin. The state is specifically looking for a custodian that can directly manage the Bitcoin, maintain strong financial oversight, and potentially support other digital currencies in the future, as outlined in their request for proposal.

Federal Reserve plan is still developing

The U.S. government is also building its own Bitcoin reserve. On March 6, 2025, President Trump issued an order instructing the Treasury Department to establish this reserve using Bitcoin that had previously been seized in legal cases.

The court order prevented the Treasury Department from selling its Bitcoin. The U.S. government possesses an estimated 328,372 Bitcoin obtained through forfeitures, making it the largest known government owner of the cryptocurrency.

Patrick Witt, who leads the President’s Council of Advisors for Digital Assets, stated in January 2026 that the Federal Reserve needed to address some legal concerns before moving forward. By May of that year, Witt announced a significant legal hurdle had been cleared and that an official announcement was imminent.

Senator Cynthia Lummis and Representative Nick Begich are supporting a new bill called the American Reserves Modernization Act. If passed, it would let the Treasury Department purchase up to 200,000 Bitcoin each year for the next five years.

If approved by Congress, the plan suggests the Treasury Department would buy and hold Bitcoin for a minimum of 20 years. The first purchase using this method is currently expected in late 2026.

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2026-05-30 00:20