Texas has appointed a five-member advisory committee to oversee its Strategic Bitcoin Reserve as the state prepares to transition from ETF exposure to directly custodied bitcoin, Acting Comptroller Kelly Hancock announced on May 29, 2026.
The committee includes Laurie Dotter, chair of the Investment Advisory Board for the Employees Retirement System of Texas with 35 years of investment and governance experience; Jamie McAvity, founder and CEO of Cormint Data Systems and operator of a 130-megawatt bitcoin mining facility in Fort Stockton; Carla Reyes, a Southern Methodist University professor and member of the CFTC Innovation Advisory Committee; and Gary A. Vecchiarelli, CPA and president and CFO of CleanSpark.
“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. “This advisory committee brings together the kind of expertise needed to help the state carry out that direction carefully, responsibly and in the best interest of Texas taxpayers.”
The appointment follows Senate Bill 21, signed into law on June 22, 2025, which established the reserve. Texas currently holds approximately $10 million in bitcoin exposure through the iShares Bitcoin Trust (IBIT). The state has issued a request for proposals for a qualified crypto custodian to manage the transition from ETF holdings to direct custody, a process expected to take 60 days after contract execution.
The Texas move aligns with federal momentum on bitcoin reserves. President Trump signed an executive order on March 6, 2025, directing the Treasury Department to establish a federal Strategic Bitcoin Reserve using existing criminal and civil asset forfeitures, estimated at 328,372 BTC. The American Reserves Modernization Act, co-sponsored by Senator Cynthia Lummis and Representative Nick Begich, would authorize Treasury to purchase up to 200,000 BTC annually for five years with a 20-year minimum holding period. Treasury is projected to make its first open-market Bitcoin purchase in Q4 2026.
The advisory committee’s formation represents a critical governance step as Texas implements direct custody protocols. Dotter’s experience managing institutional assets, McAvity’s deep involvement in bitcoin infrastructure, Reyes’ regulatory expertise, and Vecchiarelli’s financial oversight background address the technical, operational, and compliance demands of managing state-level bitcoin holdings.
The Comptroller’s office did not specify which custodian firm it has selected or provide a timeline for the RFP evaluation process.
