Bitcoin provides the opportunity for an alternative monetary system that competes for the US dollar. No wonder, then, that BTC has already been discussed several times in American politics. Now, however, the digital asset is indirectly moving into the US Senate on a permanent basis. The governor of the state of Georgia has now confirmed that Kelly Loeffler will become a new member of the Senate as of January 1, 2020. There she takes over the position of Jonny Isakson, who will leave the Senate at the end of the year for health reasons. Loeffler is the current CEO of the well-known Crypto platform Bakkt, which was launched in September with its futures backed by real Bitcoin. What sounds very bullish for Bitcoin on the one hand, is doubted by others as really positive….
Bitcoin in US policy? Bakkt CEO joins US Senate
The former US Senate member Jonny Isakson will retire on 31 December this year due to “health reasons”. The position had to be filled. The Governor of Georgia, Brian Kemp, used an unusual method by starting an online application process where “anyone” could apply. Kelly Loeffler, former CEO of the Bakkt platform, also applied. Now it was confirmed that she had been selected for the position in the US Senate.
Loeffler has been CEO of Bakkt, the Bitcoin specialist subsidiary of the Intercontinental Exchange, since its announcement in August 2018. Under her leadership, the company launched its physically settled Bitcoin futures contracts earlier this year. The company intends to continue to participate in the adoption by announcing further derivatives and developing solutions to use Bitcoin in trading through a Bakkt app.
In a press article, it was announced that Loeffler will give up the position of CEO at Bakkt. It is still unclear who will take the position instead. It is most likely that the current COO, Adam White, will succeed him.
How bullish is the news for BTC?
The connection between Bitcoin, Bakkt and Kelly Loeffler is obvious. Some enthusiasts are therefore pleased that someone with such a clear BTC connection will move into the US Senate. Loeffler himself has spoken out several times in favour of expanding crypto regulation.
But not everyone thinks that Loeffler and the introduction of the futures are something really positive for Bitcoin. In the past several people have said that futures on Bitcoin are meant to “tame” Bitcoin because it is possible to bet on falling prices.
There is also criticism of Bakkt, as it is unclear whether investors could have the deposited Bitcoin at all if they wanted to. The platform’s success to date also leaves something to be desired. The trading volume of the daily ending futures is constant at zero. Only the monthly futures could pick up speed.