Former Bakkt CEO and Georgia’s new Senator Kelly Loeffler will assist manage main medium of exchange regulator, the Commodity Futures Trading Commission (CFTC).
Sworn into the United States Senate on Jan. 6, the crypto-friendly businesswoman has joined the Senate Agriculture Committee, which manages the CFTC. The information was first reported by farm and coverage publication Agri-Pulse on Jan. 6, whereas the official announcement was launched on Jan. 7.
Potential battle of curiosity: CFTC regulates ICE’s markets
Loeffler’s appointment to the agriculture committee is doubtlessly establishing a battle of curiosity as the brand new Senator is partner of Jeffrey Sprecher, founder and CEO of Intercontinental Exchange (ICE), one of many greatest U.S. alternate operators regulated by the CFTC. According to a report by The Wall Street Journal, Sprecher owns a 1.1% stake in ICE that’s price much $600 million as of press time.
In this regard, the brand new Senator has afterwards famous that she retains doing her finest to adjust to “both the letter and the spirit of the Senate’s ethics rules,” including that she is going to recuse herself if wanted on a case-by-case foundation.
Analysts elevate issues over committee’s newest addition
While agriculture committee chairman Pat Roberts has welcomed the committee’s newest addition, praiseful Loeffler’s farming roots, some coverage analysts have raised issues over the appointment. Gregg Gelzinis, a coverage analyst for public coverage analysis and advocacy group, Economic Policy at American Progress, argued that Loeffler’s committee task “a cause for concern.” He mentioned:
“It’s particularly important for her to either say that she’ll be recusing herself from that piece of the ag committee’s jurisdiction or providing some rather clear commitment to the public that this isn’t going to get in the way of her conducting official business.”
Alongside the agriculture committee, Loeffler can also be a member of the Senate Health, Education, Labor and Pensions Committee.
After becoming a member of ICE once again in 2002, Loeffler labored on the corporate’s investor dealings previous to shifting to Bakkt, ICE-backed cryptocurrency buying and merchandising platform that gives Bitcoin (BTC) futures buying and merchandising. Having served as CEO at Bakkt for a 12 months since 2019, Loeffler stepped down from her function on the agency after her appointment to interchange retiring Senator Johnny Isakson in early December 2019.