Texas moved a step closer to launching its state-backed Bitcoin reserve after Acting Comptroller Kelly Hancock named four industry experts to advise on the state’s Strategic Bitcoin Reserve. The appointments give the state access to expertise in investing, Bitcoin mining, digital asset law, and corporate finance as Texas prepares to oversee one of the country’s most ambitious cryptocurrency initiatives.
The committee will help shape policies on asset valuation, risk management, and custody standards under Senate Bill 21 (SB21), which created the Texas Strategic Bitcoin Reserve.
Hancock announced the appointments on Friday, saying the reserve must operate with strong oversight and clear safeguards. “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.
The advisory committee will support the comptroller’s office as it develops the framework for managing and protecting the state’s Bitcoin holdings.
The architects of the Texas reserve
The appointments bring together expertise from investing, Bitcoin mining, regulation, and corporate finance as Texas builds the framework for its Bitcoin reserve. The committee’s mix of financial and digital asset experience reflects the state’s focus on balancing innovation with oversight.
Laurie Dotter adds decades of experience in investment management and governance. She currently chairs the Investment Advisory Board for the Employees Retirement System of Texas and has advised the comptroller’s office on investment matters for years.
Jamie McAvity brings operational knowledge from the Bitcoin mining sector. As Founder and Chief Executive of Cormint Data Systems, he has built large-scale mining facilities in Texas and developed expertise in energy markets, infrastructure, and Bitcoin security.
The committee also includes Carla Reyes, a law professor at Southern Methodist University who specializes in digital assets and emerging technologies. Reyes has advised U.S. lawmakers on blockchain policy and serves on an advisory committee to the Commodity Futures Trading Commission, bringing regulatory and policy expertise to the group.
Also joining the committee is Gary Vecchiarelli, Chief Financial Officer at Bitcoin miner CleanSpark. Vecchiarelli oversees the company’s financial operations and has extensive experience managing corporate Bitcoin holdings, treasury strategies, and governance frameworks.
Together, the appointees will help guide decisions on asset valuation, custody standards, risk management, and reserve operations as Texas moves forward with its state-backed Bitcoin strategy.
Texas seeks custody partner for Bitcoin holdings
Texas is moving ahead with plans for its state-backed Bitcoin reserve, launching a search for a private-sector partner to help manage the fund’s digital assets. The comptroller’s office has issued a request for proposals seeking a firm that can provide custody, liquidity, and reporting services.
The chosen provider will take up responsibility for the procurement, security, and management of the Bitcoins held by the reserve. The provider will further create an external website for monitoring the reserve’s portfolio and providing education on the program.
The initiative highlights Texas’ increasingly distinct approach to Bitcoin adoption. The state became the third in the U.S. to establish a strategic Bitcoin reserve, following Arizona and New Hampshire. Unlike those efforts, however, Texas created a standalone fund overseen directly by the comptroller’s office rather than incorporating Bitcoin into existing state-managed accounts.
Lawmakers also gave the reserve an initial financial base through a $10 million investment in BlackRock’s spot Bitcoin exchange-traded fund, positioning Texas among the most aggressive state-level backers of digital assets in the country.
Crypto influence grows across Texas politics
Texas’ push into Bitcoin comes as digital asset advocates gain influence in both state and federal politics. While Texas moves ahead with its reserve plans, lawmakers in Washington continue debating a national approach.
The recently introduced American Reserve Modernization Act would create a U.S. Strategic Bitcoin Reserve and require the government to hold its Bitcoin holdings for at least 20 years. However, the proposal still faces a lengthy path through Congress.
At the state level, crypto-backed political groups have expanded their role in Texas elections. According to reporting shared by journalist Eleanor Terrett, candidates supported by the digital asset industry won several closely watched primary runoff races. Among the most notable results, Texas Attorney General Ken Paxton defeated longtime Senator John Cornyn in the Republican Senate primary.
Industry-funded political action committees also increased spending across key contests. Fairshake, the largest crypto-focused Super PAC network in the United States, entered the 2026 election cycle with roughly $193 million available for campaign activity.
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