Kelly Loeffler, CEO of Bakkt Bitcoin Futures Exchange, a parent company of the New York Stock Exchange Intercontinental Exchange (ICE), has been approved by Georgia Governor Brian Kemp and will be seated in the state ’s Senate next week.
Bakkt head enters Senate, causes controversy
Loeffler will replace his former candidate, U.S. Rep. Doug Collins, and his previous expectation was to appoint a long-time member of Congress. According to AJC, Loeffler was appointed to build a female profile in the Republican Georgia branch with a view to increasing the party's appeal to women.
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But it also brought an outstanding executive of the Bitcoin business to the American political system and became an advocate of mainstream American politics. Loeffler will replace Republican Johnny Isakson as the second woman in history to serve the Georgia Senate.
Loeffler may be known for his political role rather than his role as treasurer. But the reputation of the Bakkt exchange may become even more prominent. Based on the current situation, her appointment is expected to be announced early next week unless there is a final change.
Hours before the deadline for legislators, Loeffler's application came unexpectedly. Loeffler's seat will be a controversial one, and some Republicans and even Democratic candidates are interested in it.
The appointment of Bakkt's female boss as a lawmaker quickly became hostile, as Collins was considered more favorable as a candidate and was strongly supported by US President Donald Trump.
Bitcoin futures operator's growing impact on BTC volatility
The appointment comes at a time when Bakkt's strength has recently increased, and the platform's bitcoin futures trading volume and potential impact on the bitcoin ecosystem are increasing. BTC futures trading volumes have responded to speculation, providing a balance for this and attracting mainstream buyers.
At this point, it is uncertain how Loeffler's involvement in politics will affect Bakkt's reputation. The BTC market has always wanted to escape political influence, and this has focused on price discovery and the battle between bulls and bears. The futures market provides a direct portal for new entrants, making it possible to speculate on the price movements of Bitcoin while avoiding real ownership.
Even with Bakkt futures, traders can choose to hold Bitcoins through contracts instead of withdrawing them directly.
Over the past week, Bakkt has created a series of volume and open position records, although this growth remains volatile.
Daily summary of Friday's Bakkt Bitcoin monthly futures:
Trading contracts: 3167 ($ 24.61 million, + 12%)
Highest record: 5671 (11/27/2019)
Open interest: $ 4.61 million (+ 7%)
Live update: @BakktBot
-Bakkt Volume Bot, November 30, 2019 In 2019, the Bitcoin futures market is more influential, and the price of BTC has fluctuated based on speculative activities denominated in US dollars.