Is Bakkt CEO Being Snubbed As Georgia Senator Due To President Trump’s Anti-Bitcoin Stance?

The Atlanta Journal-Constitution reports that President Trump wants Brian Kemp, Georgia’s governor, to appoint US House Representative Doug Colling as Senator. While Loeffler already filed her application to become Georgia’s Republican Senator on Monday, it’s believed that Kemp is the one who has to make the decision on who’s going to fill in the position. Senator Johnny Isakson needs to step down in December for health reasons.

Bitcoin More Embraced by Institutions

Loeffler is interested in becoming Georgia’s Senator while Bakkt is making incredible progress. Only earlier this month, it has broken down its own record when it comes to the number of traded contracts. On November 8th, there were 1,756 Bitcoin (BTC) futures contracts traded, while in late October, the number of contracts was 1,183. In the event in which Kemp doesn’t allow President Trump to pressure him and decides to appoint Loeffler, she will no longer be Bakkt’s CEO. Her latest achievement with the company is unveiling the “first regulated options contract for bitcoin futures”, which will happen next month. The users will be able to take a cash settlement or physical delivery with the Bakkt Bitcoin Options contract.

Bakkt Will be Present in Asia

Earlier in November, Bakkt offered its services for Bitcoin custody to all institutions under the Bakkt Warehouse service that was previously available to clients already trading Bakkt Bitcoin Futures contracts. This week, Intercontinental Exchange, which is the parent company of Bakkt, said it will launch Bitcoin futures contracts that can be settled in cash, in Asia. The product is called Bakkt Bitcoin Cash Settled Monthly Futures and is going to be ICE Futures Singapore listed.

The US Congress Needs a Crypto Advocate

The crypto world will surely welcome Loeffler’s appointment as a US Senator because this would mean the number of lawmakers who are pro-Bitcoin would increase and there would be the possibility for more friendly crypto legislation. Maybe she will convince some other members of Congress to no longer be so against Bitcoin. President Trump himself has said the crypto world is funding criminal activities, so things aren’t looking very promising at the moment. More than this, another House Representative, Brad Sherman, has called for the crypto environment to be banned. Loeffler could change minds if she’s being given the chance to hold the power.

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