Texas Forms Strategic Bitcoin Reserve Advisory Committee to Seek Direct Custody of Bitcoin

According to The Block, Texas Acting Auditor General Kelly Hancock has officially appointed four external members to the Strategic Bitcoin Reserve Advisory Committee. The committee was established under Senate Act No. 21. The members include CleanSpark President and CFO Gary Vecchiarelli, Bitcoin mining company Cormint founder and CEO Jamie McAvity, Southern Methodist University law professor Carla Reyes, and investment executive Laurie Dotter, to advise the Auditor General on Bitcoin valuation, custody, and risk management.

Currently, Texas has established an initial position of $10 million through BlackRock's IBIT Bitcoin ETF, and has issued a call for proposals to seek assistance from service providers to convert reserve assets from IBIT to direct Bitcoin holdings. After Arizona and New Hampshire, Texas is the third US state to enact legislation to establish strategic Bitcoin reserves.