Former Bakkt CEO to Become CFTC Overseer
The former head of the first regulated platform for trading bitcoin futures, Kelly Loeffler has become a member of the Senate Committee, which, among other things, is responsible for the correct operation of the Commission for derivatives trading (CFTC). Also, Loeffler joined the Committee on Agriculture, Nutrition and Forestry. This agency approves CFTC commissioners and appoints chairpersons. Some experts believe that this appointment can cause a conflict of interest:
  • firstly, CFTC governs the products provided by the Bakkt platform,
  • and secondly, her husband, Jeffrey Sprecher, is the head of the Intercontinental Exchange (ICE), the operator of many large exchanges, including Bakkt.
Loeffler does not see any problems in this: "I worked hard to comply with both the letter and the spirit of the Senate’s ethics rules and will continue to do so every day. I will recuse myself if needed on a case by case basis,” – she said. In December 2019, Loeffler became a senator from the state of Georgia. Many participants in the cryptocurrency community hope that she will protect and develop the cryptocurrency industry in American politics. If you want to know about the latest news from the world of cryptocurrencies and the blockchain industry, check out updates on TheCoinShark.