Category Archives: Kelly Loeffler

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Bakkt CEO Appointed US Senator

  • Bakkt CEO Kelly Loeffler was officially appointed this morning to fill a vacant United States Senate seat for the state of Georgia
  • She will serve at least until 20 January 2021 and could even run for office in November elections to remain in Congress

The Governor of Georgia, Brian Kemp, has officially appointed Bakkt CEO Kelly Loeffler to fill a vacant United States Senate seat. Essentially, Senator Johny Isakson is stepping down due to health issues on the last day of 2019, so Loeffler will become Senator on New Years Day and continue to be in office until the new Congress is inaugurated on 20 January 2021. That being said, Loeffler could technically run for office in the November elections and stay in Congress long term.

One thing that is unclear at this time is if Loeffler will remain the CEO of Bakkt during her Senate term, or if she will step down. Loeffler has indicated that she has been trying to become a politician in Washington DC for her entire life, so it seems more likely than not that she will step down from Bakkt to focus on her political career.

That being said, Loeffler would still likely have strong ties to Bakkt even if she steps down, and more importantly, Loeffler is a well-known cryptocurrency advocate, having helped launch the first physical Bitcoin futures in the United States. Therefore, the crypto space now has an advocate who is a United States Senator, and this could perhaps improve the regulatory situation for the crypto space during 2020.

 

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Bakkt CEO Kelly Loeffler Will Likely Become the Senator of Georgia This Week

  • Bitcoin advocate and CEO of Bakkt, Kelly Loeffler will likely become the Senator of Georgia early this week

According to a report in The Atlanta Journal-Constitution (AJC), the CEO of Bakkt, Kelly Loeffler, will likely be appointed as the Senator of Georgia early next week. This appointment is happening due to Senator Johny Isakson stepping down, and if Loeffler is appointed she will serve as Senator until the general elections in November 2020.

The only caveat is that the Governor of Georgia, Brian Kemp, is in charge of the appointment process, and a last-minute change of heart is perhaps possible especially since President Trump has been urging the Governor to appoint Doug Collins.

Bakkt is the first venue to offer physical Bitcoin Futures, meaning Bitcoin contracts are settled daily for actual bitcoins, and trading volume on Bakkt has been rapidly growing. If Loeffler is appointed, it will be the first time that anyone who is running a crypto company has been appointed to any position in the United States Congress.

Aside from being the CEO of Bakkt, Loeffler is well-known as a crypto and blockchain advocate, and it seems quite possible that she will advocate for crypto right on the Senate floor.

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Physical Bitcoin Futures on Bakkt Delayed to Q1 2019

Bakkt, a new cryptocurrency exchange which is being operated by the Intercontinental Exchange (ICE), has pushed back its launch to 24 January 2019, and this is still subject to regulatory approval. It originally projected that physical Bitcoin futures would launch on 12 December 2018. The announcement came on a day Bitcoin price hit new lows not seen since October 2017, briefly dipping to as low as USD 4,000.

There are already futures on the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) but since these are cash settled, they do not directly influence Bitcoin’s spot demand or price. Experts in the crypto space believe physical Bitcoin futures on Bakkt could be a major conduit for institutional money to enter the market as this product would have been available on all major stock trading platforms. Bakkt futures would settle the same day and investors would receive Bitcoin directly into their wallets, which would have directly increased spot demand and price.

The CEO of Bakkt, Kelly Loeffler, wrote in a blog post that Bakkt has been working closely with the Commodities Futures Trading Commission (CFTC) and a thorough review is underway. Loeffler said, “Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch.”

Beyond the delay, Loeffler asserts that Bakkt is making substantial progress, such as securing insurance for Bitcoin cold storage and potentially getting insurance for Bitcoin hot wallets. Loeffler states, “We are focused on every aspect of delivering an institutional grade crypto warehouse solution and believe this is a significant step in building confidence in this asset class.”

This announcement comes at a particularly unfortunate time for the Bitcoin market, with the price declining from USD 6,500 to USD 4,600 in about a week, coinciding with SEC enforcement against initial coin offerings (ICOs) and the Bitcoin Cash fork.

 

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Bakkt CEO Details Mission for Regulated Crypto Trading

The Intercontinental Exchange (ICE), owner of the New York Stock Exchange (NYSE) and numerous other major exchanges around the world, is launching a cryptocurrency exchange named Bakkt. Its CEO, Kelly Loeffler, has revealed some details about Bakkt’s mission and protocol in a Medium post.

Loeffler says Bakkt is “a new company designed to bring digital assets to the mainstream and help unlock the potential of this important technology” and that it is “working to make the vision for wider application of digital assets a reality”.

According to Loeffler, the exchange developed out of a need for investors to have a safe and regulated way to trade, store, and spend cryptocurrency. Bakkt will have institutional grade infrastructure. Conditions are particularly ripe for Bakkt since its development is being orchestrated by ICE, the worldwide leader in stock and futures trading. ICE has the expertise and potential to launch every type of Bitcoin investment product possible in the future via Bakkt. They are starting with physical Bitcoin futures, which is a major development.

Currently, there are Bitcoin futures on CME and CBOE, but these are cash settled so they don’t directly impact Bitcoin’s global spot markets or price. The futures on Bakkt will be settled for physical Bitcoins every day, so they will have a direct impact on global Bitcoin price, and provide a channel for institutional investment to pour into Bitcoin.

Loeffler says one of the primary goals of Bakkt is to facilitate Bitcoin price discovery and it are doing this by ensuring that every physical Bitcoin futures contract has Bitcoin backing it. It does not want to issue any paper Bitcoins, since that would dampen Bitcoin’s price, so Bakkt will not have any leverage.

Looking at this a bit more broadly, Bakkt’s CEO is saying that it expect so much volume on Bakkt that it will determine global Bitcoin price. This is quite possible, since this is basically ICE’s answer to Bitcoin trading, and it could end up being the biggest crypto exchange in history. Physical Bitcoin futures are projected to be launched in November 2018, which could cause a major Bitcoin rally.

 

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