Texas has taken a significant step in digital asset management with Acting Comptroller Kelly Hancock announcing the formation of the Texas Strategic Bitcoin Reserve Advisory Committee. This newly established body, created under Senate Bill 21 – which was passed by the 89th Texas Legislature and signed into law on June 22, 2025 – is tasked with providing guidance on the state’s management, custody, and valuation of its bitcoin holdings. This move positions Texas as one of the leading states in the nation to advance with an operational bitcoin reserve. Comptroller Hancock emphasized the Legislature's clear mandate for transparency, security, and strong financial controls in administering the reserve, stating that the committee's expertise is crucial for a careful, responsible, and taxpayer-beneficial approach.

The five-member committee, which includes Kelly Hancock himself, brings together a diverse range of expertise from financial, legal, and digital asset sectors. Laurie Dotter, Chair of the Investment Advisory Board for the Employees Retirement System of Texas, contributes over 35 years of investment and governance experience. Jamie McAvity, founder and CEO of Cormint Data Systems, is recognized as a national bitcoin miner, operating a highly efficient 130-megawatt facility in Fort Stockton. Legal scholar Carla Reyes, a professor at Southern Methodist University, serves on the federal Commodity Futures Trading Commission’s Innovation Advisory Committee and has provided Congressional testimony on blockchain policy. Completing the panel is Gary A. Vecchiarelli, CPA, president and CFO of CleanSpark, who developed that company's institutional-grade BTC trading desk, yield strategies, and digital asset governance framework.

In parallel with the committee's formation, the Comptroller's office has issued a Request for Proposal (RFP) to find a qualified crypto custodian. This firm will support the Strategic Bitcoin Reserve, which currently holds approximately $10 million in exposure through the iShares Bitcoin Trust (IBIT), by offering secure custody, liquidity, and asset management services. The RFP signals an anticipated transition from ETF-based exposure to directly custodied Bitcoin within 60 days of contract execution, underscoring Texas’s commitment to achieving full ownership, institutional-grade security, and eventual broader crypto asset support.

While Texas moves forward, the federal government's own push for a Strategic Bitcoin Reserve has encountered hurdles. President Trump signed an executive order on March 6, 2025, directing the Treasury Department to establish a reserve using BTC acquired through criminal and civil asset forfeitures. This amount is estimated at 328,372 BTC, making the U.S. the largest known state holder of BTC globally, with the order explicitly prohibiting the sale of these bitcoin. However, the formalization and codification of this reserve have faced delays.

In January 2026, Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, acknowledged "obscure legal provisions" that needed resolution. By May 2026, Witt indicated that a significant legal breakthrough had been achieved, with an announcement regarding the reserve expected imminently. Concurrently, legislation aiming to establish a permanent federal reserve is progressing in Congress. The American Reserves Modernization Act, co-sponsored by Senator Cynthia Lummis and Representative Nick Begich, proposes to authorize the Treasury to acquire up to 200,000 BTC annually for five years, with holdings locked for a minimum of 20 years. If enacted, the Treasury's initial open-market Bitcoin purchase is projected to occur in the fourth quarter of 2026.