Bakkt CEO Kelly Loeffler reportedly pick for vacant US Senate seat

Quick Take

  • Bakkt CEO Kelly Loeffler is the pick for a vacant U.S. Senate seat, according to local Georgia media
  • Loeffler would fill a vacancy by Senator Johnny Isakson, who is stepping down at the end of the year
  • Georgia Governor Brian Kemp (R) is expected to make the announcement next week

Kelly Loeffler, the chief executive officer of crypto venture Bakkt, is said to be the pick for a vacant senate seat in Georgia, according to a report Friday by The Atlanta Journal-Constitution

Citing senior GOP officials, the report said Georgia Governor Brian Kemp (R) is expected to announce the appointment next week. Loeffler would replace Senator Johnny Isakson, a Republican, who is stepping down at the end of 2019 because of health issues.

The appointment of Loeffler would go against the preference of President Donald Trump, who has been pushing for Republican Congressman Doug Collins to take Isakson's seat, according to the report. Loeffler would be the second woman to serve in the U.S. Senate from the state of Georgia. Indeed, AJC reported that the appointment of Loeffler is part of a push by the governor to "appeal to women who have fled the party in recent years."

Kemp won Georgia's 2018 gubernatorial election by a narrow margin with around 50,000 votes. 

Loeffler moved to Atlanta in 2002 to join Intercontinental Exchange, the global exchange run by her husband, Jeffrey Sprecher. In 2014, Loeffler considered running for senate in Georgia but ultimately did not, as per Politico. A Republican donor, Loeffler is the co-owner of Georgia's WNBA team, the Atlanta Dream. 

It's not clear who would helm Bakkt following Loeffler's exit. Still, it would be a positive development for the cryptocurrency market, which could benefit from an advocate in the highest echelons of American government. 

Bakkt, which launched its bitcoin futures market in September, logged on Wednesday the largest single-day volumes for its physically-settled monthly bitcoin future contract.

Volumes hit ~$37.45 million on Wednesday, passing its previous high of ~$19.96 million on November 22.

An ICE spokesman referred this reporter to public relations specialist Alex Browning of Parlay Marketing Partners, who declined to provide additional comment. 

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