Bakkt CEO appointed to US Senate
Bitcoin futures platform chief heads to Washington
Kelly Loeffller, the chief executive of Bitcoin (BTC) futures platform Bakkt, has been appointed to the US Senate for the state of Georgia. Loeffler will replace the retiring Senator Johnny Isakson (R-GA).
Mrs Loeffler said she was “humbled by this honour”, describing herself as: “a lifelong conservative. Pro-Second Amendment. Pro-military. Pro-wall. And pro-Trump. I make no apologies for my conservative values, and will proudly support President Trump’s conservative judges.”
She described her upbringing on a corn and soybean farm and asserted: “I am not a career politician.”
If President Trump had his way however, Mrs Loefller would not be a politician at all. He had pressed Georgia Governor Brian Kemp to appoint Georgia Representative Doug Collins, a staunch ally of the President rather than the more moderate Loeffler.
It is thought that Kemp chose Loeffler, not only because of her business record but also because she would be able to better connect with the all-important suburban female voter in the upcoming election.
Although suffering from a slow start following its launch earlier this year, the Bitcoin futures platform Bakkt has gone from strength to strength in recent months, hitting an all-time high of $6.5m (£5m, €6m) on December 3. The reported open interest was a 42 per cent gain on the previous day, which had also been an all-time high.
The start-up is due to launch its own bitcoin options contracts next Monday.
Although a Washington outsider, Ms Loeffler is certainly a Wall Street insider. She will be one of only a few lawmakers with a background in tech and could eventually obtain a role in the regulation of Big Tech, a topic of interest to President Trump.
Married to the CEO of Intercontinental Exchange, Bakkt’s parent company, Ms Loeffler is also the co-owner of Atlanta Dream a professional women’s basketball team.