Texas has established its Strategic Bitcoin Reserve Advisory Committee, appointing four external members to guide the state's BTC treasury. The committee, formed under Senate Bill 21, will oversee valuation, custody, and risk management as Texas transitions its $10 million seed position from BlackRock's IBIT to directly held coins. Members include CleanSpark CFO Gary Vecchiarelli and SMU law professor Carla Reyes. In a significant regulatory development, the Commodity Futures Trading Commission (CFTC) has approved Kalshi to list perpetual futures tied to Bitcoin's spot price. This makes Kalshi the second U.S.-regulated venue for crypto perpetuals, following Bitnomial. The approval is seen as a major expansion for Kalshi, which plans to launch the product within a month. Meanwhile, U.S.-listed spot Bitcoin ETFs continue to face challenges, with a record nine-day losing streak and $2.84 billion in cumulative withdrawals. BlackRock's iShares Bitcoin Trust has been particularly affected, experiencing significant outflows. Despite these pressures, Bitcoin trades near $74,019, with technical indicators suggesting continued volatility.