Bakkt CEO Kelly Loeffler Picked for U.S. Senate Seat

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by Teuta Franjkovic · 3 min read
Bakkt CEO Kelly Loeffler Picked for U.S. Senate Seat
Photo: Unsplash

Bakkt CEO Kelly Loeffler was officially appointed by U.S. Governor Brian Kemp to the U.S. Senate.

United States Governor from Georgia Brian Kemp on Wednesday officially appointed Bakkt CEO Kelly Loeffler to the U.S. Senate, where she will succeed current Senator Johnny Isakson.

Some media already reported on Friday that Kemp was considering Loeffler and today it is confirmed that she will take office on January 1, 2020. Even though Isakson’s term ends in January 2023, Loeffler will have to run for election next year if she plans to serve past January 2021.

Loeffler, a Republican, was appointed even though President Donald Trump preferred another candidate, probably Rep. Doug Collins who, as the ranking member of the House Judiciary Committee and one of the highest-profile Republican figures involved the impeachment probe, would probably have the best contacts possible to reach pro-Trump donors across the country.

Still, Loeffler got the support of Senate Majority Leader Mitch McConnell.

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.

According to reports, Kemp opened an online application process for this position after Isakson announced he would retire on December 31, 2019 for health reasons. On the last day of the deadline, Loeffler applied for the position. Before opening the application process Kemp said that “while unorthodox, we opened the process to everyone.”

Loeffler has been the chief executive of Bitcoin Futures Market Bakkt since its announcement in 2018. Under her ruling, the company succeeded in launching its physically-settled Bitcoin futures contracts earlier this year.

Bakkt recently announced its plans to develop a consumer-focused app that will help its customers easily use this app for proper business interactions with several merchants, using digital assets. Also, it plans to expand its custody services, as well as roll out options and cash-settled futures contracts in the next few weeks.

For now, it’s still not known who will take charge over Bakkt once Loeffler leaves her position on January 1, 2020. The most probable choice will fall on current COO and former Coinbase executive Adam White.

Be it as it may, Loeffler doesn’t plan to save money. As per Politico’s report, she plans to spend $20 million of her own money on her 2020 Senate campaign in Georgia — a sum so big that it could discourage potential rivals in big time.

She is sure to join other extremely rich candidates to tap their personal wealth in recent years. Now-Sen. Rick Scott spent more than $60 million of his own on his successful 2018 bid, while New Jersey Republican Bob Hugin spent $36 million on his effort the same year but he failed.

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.

Meanwhile, the Bakkt platform is still setting records and has just pulled in a new one on its Bitcoin futures weekly volume of $124.0 million as well as its max open interest of $4.3 million.

Bitcoin News, Cryptocurrency News, News
Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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