The CEO of Bakkt, Kelly Loeffler, will likely be appointed as a Senator for Georgia this week, barring any last minute changes of heart by Governor Brian Kemp. Loeffler would come into power on New Years Day, and would remain in office until the elections in November 2020.
Essentially, a Senate seat has been vacated by Johnny Isakson, who is stepping down on New Years Eve due to health issues. The seat has been hotly contested with over 500 candidates applying, and President Trump has been pushing for Doug Collins to get the seat.
Apparently Governor Kemp is favoring Loeffler because she would be only the 2nd woman in history to serve as a Senator for Georgia. That being said, it is possible that Governor Kemp will be forced to choose Collins, since political pressure from within the Republican party is intense. That being said, Loeffler being chosen is the likely outcome based on a report from the Atlanta Journal-Constitution (AJC).
If Loeffler is appointed it would be the first time that anyone who is running a crypto company will have a seat in Congress. Bakkt offers physical Bitcoin futures, which means that futures contracts are settled for Bitcoin (BTC) everyday. Volumes on Bakkt started slow but are now increasing rapidly, which makes sense since Bakkt is the only venue that offers physical Bitcoin futures. Also, Bakkt in general is aiming to increase cryptocurrency adoption.
Loeffler is a well-known advocate for cryptocurrency, and it is likely that Loeffler would advocate for cryptocurrency directly on the Senate floor, and possibly improve the regulatory environment for the crypto space.
Therefore, the crypto space awaits Governor Kemp’s decision, which should come sometime in the next several days.