Kelly Loeffler, CEO of Bakkt, the first platform to offer cash-settled bitcoin futures contracts, will resign from this position to secure a seat in the U.S. Senate.
Until a replacement is found, Intercontinental Exchange (ICE) will appoint an interim CEO.
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Prior to serving as CEO of the recently launched Bakkt platform, Loeffler was the head of digital assets at ICE.
Loeffler was recognized for establishing the first compliant physical settlement Bitcoin futures. This time she won a Senate seat as a victory for cryptocurrencies as she may push for better regulation.
Republican Johnny Isakson is leaving due to health issues. Loeffler will replace him immediately before the primary election next year. In addition, she will be authorized to participate in the elections.
Meanwhile, Loeffler will continue to manage Bakkt until December 31. However, Bakkt is planning to appoint an interim CEO to find a replacement. A statement from ICE said:
"Loeffler will resign from this position before being sworn in as the next U.S. senator in Georgia, and Bakkt's senior management team will continue to work closely with the ICE team to build on the innovations and advancements made over the past year."
ICE spokesman Josh King said:
"We thank Kelly for her many contributions to Intercontinental Exchange over the past 17 years. We will miss her wisdom and advice in the Bakkt management team and leadership. Intercontinental Exchange has a glorious tradition of serving the community and we appreciate Kelly Come forward to serve her country and represent the sense of responsibility of the people of Georgia in the U.S. Senate. "
It's unclear who will run Bakkt after Loeffler assumes his new role on January 1, 2020. However, Adam White, the current chief operating officer and former Coinbase executive, is considered the successor to the position. As of press time, Bakkt had not responded to a request for comment.