Earlier this month, it was reported that Kelly Loeffler, the CEO of Bakkt, was under consideration for a senatorial seat in the US state of Georgia and that President Donald Trump was wary of appointing her as he favored another candidate. This was indicative of the overlap between the cryptocurrency world and the world of politics, even as cryptocurrency is seeking more regulatory approval around the globe and it is believed that this overlap could work in crypto‘s favor on the long term. 

It has now been reported that Georgia governor Kemp has appointed Loeffler as a senator of the United States and she will be replacing Johnny Isakson who shall be leaving his seat by the end of the year.

Welcome to the Senate 

In a bit to get more support for Loeffler’s campaign, Kemp reportedly met with Donald Trump in order to convince him of her value as a candidate but as the president supposedly disagreed, considering Loeffler to be too moderate of a candidate. 

According to sources close to the matter, Loeffler remarked after the news broke saying, “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.”

This development could mean quite a bit for crypto development as one of its biggest challenges has been getting regulatory support from lawmakers but by having someone so closely tied to the crypto industry within a seat of power, more progress could potentially be made. While Loeffler will be settling into her position as a senator, Bakkt has announced that it will be launching is futures offerings by December 9, 2019, which will be based on customer feedback.

“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,” the announcement said.

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