It would appear that Bitcoin has taken another step towards more favorable regulatory recognition in the US. Namely, the CEO of the institutional Bitcoin futures platform Bakkt has just been nominated to become a United States Senator.
Bakkt’s CEO appointed to US Senate seat
This news came in a fresh report by the Washington Post. Specifically, Bakkt’s CEO Kelly Loeffler will step into the shoes of Senator Johnny Isakson (R-GA), who will soon retire. Moreover, Georgia Governor Brian Kemp is seemingly behind the decision to appoint Bakkt’s CEO to a US Senate seat.
According to one person who is said to be “familiar with the matter”, Loeffler looks forward to going political. Specifically, one quote says that although Loeffler hasn’t “spent her life” in order to get to Washington DC, she stands behind the Republican party’s values.
“I haven’t spent my life trying to get to Washington. But here’s what folks are gonna find out about me: I’m 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.”
One should note, however, that President Trump initially sought to install Representative Douglas A. Collins in this Senate seat. Collins has been notoriously supportive of Trump in the past. As such, it would appear Trump was trying to install a loyal ally in this position.
What will Loeffler do for Bitcoin from Washington DC?
In fact, experts note that Trump and his inner circle views Loeffler as far too moderate. At the same time, however, observers remark that choosing Loeffler could appear to suburban Georgia women in the 2020 Senate election.
Much is being made of the fact that Loeffler is a “skillful businesswoman” who comes from outside of politics. Nevertheless, hardline Republicans are publicly worrying over the appointment. For example, the Fox News TV host Sean Hannity recently said that Loeffler is a “centrist businesswoman”.
Additionally, he also tweeted “Call [Kemp] now! Why is he appointing Kelly Loeffler?”. Cryptocurrency supporters, however, will likely be more interested in what Loeffler can do for the adoption of Bitcoin and crypto from a political position.
Seeing as Loeffler is the CEO of an institutional Bitcoin futures platform, it appears likely that she will make her pro-crypto viewpoint known from Washington DC. At the same time, Bakkt is reporting increasing volumes of Bitcoin futures open interest, and the company plans to launch a regulated options contract for Bitcoin futures on December 9th.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.