By
Steve Muchoki
April 19th, 2024
Kelly Loeffler, the former CEO of Bakkt and Georgia’s newest Senator, is also assigned to serve on the Senate Agriculture Committee with the Commodity and Futures Trading Commission (CFTC).
Kelly Loeffler, the former CEO at the Intercontinental Exchange (ICE)-backed crypto trading platform Bakkt, will be joining the committee that looks upon the Commodity Futures Trading Commission (CFTC). However, that increased the worries of a possible conflict of interest. In a Jan. 6 tweet, Loeffler said she has sworn into the United States Senate by Mike Pence, the Senate’s chief officer, to become Georgia’s newest Senator.
It's official! What an honor to serve our great state in the Senate. I look fwd to working w/ @realDonaldTrump to advance policies that spur growth, champion life, lower healthcare costs, & keep families safe. Together, we will protect the American Dream for generations to come. pic.twitter.com/rzppoRDwHn
— Kelly Loeffler (@KLoeffler) January 6, 2020
She will serve on the Senate Agricultural Committee, the one in charge of defining the CFTC’s activity and assenting to nominations for commissioners and chairmen. It also involves reauthorizing the CFTC as a federal regulator.
Loeffler was appointed CEO of Bakkt back in August 2018. A member of the Republican Party, she is also the co-owner of the Atlanta Dream in the Women’s National Basketball Association (WNBA).
Under her leadership, Bakkt got approved from the CFTC to begin trading physically-settled Bitcoin contracts, finally opening to traders in September.
In November 2019, Loeffler confirmed her application to Senate in order to succeed incumbent Senator Johnny Isakson. Isakson was set to resign from the United States Senate, effective December 31, for health reasons, after being re-elected in 2016.
Loeffler, however, said her intention is to run in the 2020 special election to complete Isakson’s term. Later that month, The Atlanta Journal-Constitution reported that Loeffler was Governor Brian Kemp’s choice for the seat, and he announced on December 4 that he would appoint her when the seat becomes vacant.
Millionaire to Sit in Congress (Again)
In order to do so, Loeffler said she is planning to spend $20 million of her own money on her 2020 campaign. She is the first female senator in 97 years to represent Georgia in the Senate, as well as the state’s first Republican woman to do so.
In September last year, Bakkt finally announced the commencement of the trading facility for its physically-settled Bitcoin Futures contracts. Bakkt’s Bitcoin Futures contracts offer both, daily contracts and monthly contract settlement options. Besides, that Bakkt platform also provides warehouse facility for storing the physically-delivered Bitcoin tokens upon contracts expiry.
Bakkt’s First Days Not Brilliant
But despite much hype surrounding the launch of Bakkt Bitcoin Futures, the first few days of trading were not very impactful. On the first day, Bakkt traded around 70 plus contracts only. When compared to the launch of CME Bitcoin Futures in December 2017, this number is very less.
Loeffler then said:
“As institutions enter this emerging asset class, they will continue to look to secure infrastructure and the regulatory certainty that it provides. Importantly, these futures contracts now serve as benchmarks established by a trusted price discovery process upon which investors can rely”.
Loeffler is famous for saying she is “pro-Trump,” pro-border wall on the Mexican border, the Second Amendment advocate and, of course, against abortion and socialism. However, she somehow forgot to address crypto or Bitcoin in her introductory comments.
Still, one thing is pretty sure. Loeffler will not insist on accusing digital assets of all the sins after she gains a senate seat. There is a hope she could become the most active advocate of electronic peer to peer cash that is in use among millions worldwide.