Governor Appoints Bakkt Crypto Exchange CEO Kelly Loeffler As The Next Georgia Senator

The cryptocurrency industry is still largely opposed by traditional financial proponents, though there are a few people in government that seem interested in the potential of the technology. As one of Georgia seats opens up, the governor has chosen to appoint a prominent member of the crypto community – Kelly Loeffler, CEO of Bakkt.

  • President Donald Trump pushed for the appointment of Doug Collins, a US rep., instead.
  • Bakkt reached an all-time high in Bitcoin futures open interest on December 3rd, following another all-time high the day before.

Senator Johnny Isakson, the representative from Georgia, expressed plans that he will retire at the end of the year. A debate recently surrounded who would be taking his seat instead, as President Donald Trump pushed for U.S. Representative Doug Collins to be appointed by Georgia Governor Brian Kemp. Collins, after all, supports Trump, as well as his efforts in gun rights and anti-abortion laws. However, Kemp took a different path entirely, as the Washington Post reported today that he has appointed Kelly Loeffler.

Loeffler is the CEO of Bakkt, the Bitcoin futures platform established by the Intercontinental Exchange (ICE). According to a source of Cointelegraph, who is familiar with this matter, Loeffler remarked,

“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.”

At this point, the President and his followers have been rather clear that they aren’t entirely sold on having Loeffler in the Senate, as her views come off as too moderate for their taste. Before the appointment, Kemp had reportedly met with President Trump in an attempt to get his approval on his choice. While he failed to gain that support, he remained certain in his decision to appoint Loeffler anyway.

On December 3rdBakkt saw a new all-time high of $6.5 million for their Bitcoin futures open interest, which was a jump of 42% from the day before. However, the previous day had also reached an all-time high, so this first week of the month is relatively lucrative for the platform so far.

In the next week, Bakkt will be launching a new options product – the first regulated options contract – involving Bitcoin futures, though it is entirely based on customer feedback, said Loeffler. The purpose of the product is to control Bitcoin exposure.

Bakkt added,

“ICE Futures U.S. has self-certified the contract with the CFTC, and we’re excited to leverage the benchmark futures prices and institutional-grade custody to meet the needs for a regulated options contract.”