Regulatory Series on Cryptocurrencies: Bakkt Chief in US Senate, What's The Impact on Crypto?

Kelly Loeffler, the CEO of ICE-backed crypto exchange Bakkt, has been appointed to serve in the US Senate, Georgia Governor, Brian Kemp officially made the announcement. 

As per the sources of ICE, Loeffler is stepping down from her current CEO designation at Bakkt before taking the oath of office at Georgia and she will replace Georgia Senator Johnny Isakson, who is due to retire at the end of this month. The Kemp’s decision of choosing Loeffler was against Trump’s choices as the President’s camaraderies in the Republican Party reportedly urged Governor to select in favour of Rep. Doug Collins, an ardent supporter of US head of state.

However, Loeffler’s 16 years’ service at Bakkt after of working for ICE and leading the company’s crypto start-ups has been commendable and Kemp would have thought her as the most suitable candidate. The current COO of Bakkt Adam White could be the potential successor for the CEO post. 

Loeffler has come up with the optimistic perception on the digital currency quite often and accordingly has taken relevant decisions in the recent past. 

Naturally, the general perspective in the crypto avenue is that the appointment of a US senator is deemed as the bullish driving force for the crypto industry’s prospects. Bakkt seems to be in hopes that she could bring in conducive regulatory environment to Bitcoin to pave a way for the institutional clients in physical Bitcoin business.

Loeffler once wrote recently on the launch that it’s a significant milestone for the industry, the concepts upon which Bakkt is being built to instil the trust through clear regulation and secure custody, and thereby, deploying products that are transparent and regulated to support their adoption.

On the flip side, on the political terms, the conservatives have raised their cause of concerns over this choice as they seemed apprehensive because Loeffler is in association with Grady Health, who is in one of the biggest training programs for abortion providers in the province, and their doctors have gone in campaigns against Kemp’s pro-life legislative motives.

However, Loeffler already sounded with political inclination to pacify the heat and pledged her loyalty to conservatism during a speech from the Georgia State Capitol in Atlanta.