Texas is making concrete strides toward holding Bitcoin directly, naming a five-member advisory team to oversee its Strategic Bitcoin Reserve. Acting Comptroller Kelly Hancock will chair the committee, which also includes Laurie Dotter, chair of the Employees’ Retirement System of Texas’s Investment Advisory Board, Jamie McAvity of Cormint Data Systems, law professor Carla Reyes from Southern Methodist University, and Gary A. Vecchiarelli of CleanSpark. The panel will guide custody, valuation, and management of the state’s Bitcoin assets under Senate Bill 21, passed in June 2025.
Alongside the committee appointments, the Comptroller’s office has issued a request for proposals for a qualified crypto custodian. The reserve currently holds about $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust, but the RFP outlines a plan to shift to direct Bitcoin holdings within 60 days of signing a contract. This move positions Texas as a leader among states seeking a formal Bitcoin reserve, with emphasis on secure custody and financial controls.
At the federal level, progress on a national Bitcoin reserve has been slower. President Trump’s March 2025 executive order directed the Treasury to create a reserve using forfeited Bitcoin, estimated at 328,372 BTC. However, legal hurdles delayed implementation until a recent breakthrough, with an announcement expected soon. Meanwhile, Senator Cynthia Lummis and Representative Nick Begich have introduced the American Reserves Modernization Act, which would authorize the Treasury to buy up to 200,000 Bitcoin annually for five years, with a 20-year holding period. If passed, the first Treasury purchase could occur in late 2026.