Texas Appoints CleanSpark CFO and Bitcoin Miner CEO to Reserve Committee

Texas has taken another step toward building its Strategic Bitcoin Reserve by appointing four outside experts to a newly formed advisory committee. The committee will help guide the state on bitcoin custody, valuation, reserve management and financial risk as Texas moves deeper into digital asset adoption.

Texas Strategic Bitcoin Reserve Committee Takes Shape

Acting Comptroller Kelly Hancock announced the appointments as part of Senate Bill 21, which created one of the first state-backed bitcoin reserves in the United States. The five-member committee includes Hancock and four industry professionals selected for their financial, legal and crypto experience.

The new members 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.

Bitcoin Custody and Reserve Management Become Key Focus

McAvity leads Texas based bitcoin mining company Cormint, which operates a 130-megawatt mining facility in Fort Stockton. Vecchiarelli helped build CleanSpark’s bitcoin treasury strategy, including trading systems, borrowing facilities and governance for bitcoin transactions.

Reyes also serves on the Commodity Futures Trading Commission’s Innovation Advisory Committee, while Dotter chairs the Investment Advisory Board for the Employees’ Retirement System of Texas.

Texas is also seeking a custodian to move reserve holdings from BlackRock’s IBIT bitcoin ETF into direct bitcoin ownership. The state currently holds a $10 million position in the ETF as a temporary measure before transitioning to direct custody.