Texas Acting Comptroller Kelly Hancock appointed four outside members to the state's Strategic Bitcoin Reserve Advisory Committee on Thursday. Created under Senate Bill 21, the five-member committee, which includes Hancock, will advise the comptroller on recommendations related to bitcoin valuation, custody, and risk and reserve management. Texas became the third state to enact a strategic bitcoin reserve when Gov. Greg Abbott signed SB 21 into law last June, following similar bills in Arizona and New Hampshire.
Texas Appoints Four Experts to Strategic Bitcoin Reserve Committee
The appointees include 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. McAvity leads the Texas-based bitcoin mining firm Cormint, which operates a 130-megawatt facility in Fort Stockton. Vecchiarelli helped build CleanSpark's digital asset management program, including establishing an institutional-grade trading desk, yield strategies, borrowing facilities and governance policies for bitcoin transactions. Reyes, a professor focused on digital asset and commercial law, also serves on the Commodity and Futures Trading Commission's Innovation Advisory Committee alongside industry figures like Ripple CEO Brad Garlinghouse. Dotter chairs the Investment Advisory Board for the Employees' Retirement System of Texas and serves on the Comptroller's primary Investment Advisory Board.
"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 in a statement. "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."
Texas Funds Reserve with $10 Million BlackRock IBIT Position
Texas established a standalone reserve fund managed by the comptroller's office and funded it with a $10 million position in BlackRock's IBIT bitcoin ETF, an "interim measure before transitioning to direct Bitcoin custody," according to the RFP. The Comptroller's office issued a Request for Proposals earlier this month, seeking a provider that will be responsible for acquiring, holding, managing, and reporting the state's bitcoin (BTC) holdings.
Texas Joins Arizona and New Hampshire in State Bitcoin Reserve Initiatives
Texas became the third state to enact a strategic bitcoin reserve when Gov. Greg Abbott signed SB 21 into law last June, following similar bills in Arizona and New Hampshire. Unlike those states, Texas established a standalone reserve fund managed by the comptroller's office. On the federal level, lawmakers recently introduced the American Reserve Modernization Act, which would codify a national Strategic Bitcoin Reserve, require public proof-of-reserve reporting, and lock government-held bitcoin into the reserve for at least 20 years.
FAQ
Who did Texas appoint to the Strategic Bitcoin Reserve Advisory Committee?
Texas Acting Comptroller Kelly Hancock appointed four outside members on Thursday: 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. The five-member committee, which includes Hancock, will advise the comptroller on recommendations related to bitcoin valuation, custody, and risk and reserve management.
How did Texas fund its Strategic Bitcoin Reserve?
Texas funded the reserve with a $10 million position in BlackRock's IBIT bitcoin ETF as an interim measure before transitioning to direct Bitcoin custody, according to the RFP. The Comptroller's office issued a Request for Proposals earlier this month, seeking a provider responsible for acquiring, holding, managing, and reporting the state's bitcoin holdings.
