Kelly Loeffler, the prior CEO of Bakkt, has taken a chair at the U.S. Senate for its condition Georgia. Reports have that, however, which she’s also assigned to function on the Senate Agriculture Committee together with the CFTC. Given her husband would be the CEO of the Intercontinental Exchange (ICE), this may raise concerns about a possible conflict of interest.
Bakkt’s Former CEO Sits In A CFTC Committee
Kelly Loeffler immediately became one of the strongest individuals inside the cryptocurrency area. She was the Chief Executive Officer of Bakkt — that the Bitcoin stocks trading system established by ICE.
The latter is also the owner of this New York Stock Exchange. Bakkt’s regulated character, in addition to institutional strategy, raised a great deal of hopes it will function as a bridge between Bitcoin and bigger investors. Given that the quantity is rising continuously, this may indicate that institutional curiosity really is on the upswing.
However, as Cryptopotato recorded, Loeffler has taken a chair at the U.S. Senate for its condition of Georgia.
Now, that the Wall Street Journal reports that she’s also assigned to function on the Senate Agriculture Committee together with the Commodity and Futures Trading Commission (CFTC). The Committee is in charge of defining the CFTC’s approving nominations and remit for chairmen and commissioners.
Perhaps rightfully so, the information caused specific concerns that this could give rise to a conflict of interest. This stems from the fact that her husband, Jeffrey Sprecher is the founder, chairman, and CEO of ICE.
Cause For Concern? )
Loeffler’s appointment to the committee did, in reality, raise a few eyebrows. However, she had been quick to dismiss , stating that she had “worked hard to comply with both the letter and the spirit of the Senate’s ethics rules and will continue to do so every day.”
To that, she added:
“I will recuse myself if needed on a case by case basis.”
It’s true that Loeffler stepped down from her CEO position at Bakkt when she inhabited the Senate seat. On her location currently sits Mike Blandina, that has taken leadership positions in PayPal, Google, along with other significant companies.
However, it is worth noting Bakkt was given approval by the CFTC to provide its cryptocurrency-settled Bitcoin futures contract.
Most of those concerns, nevertheless, appear to be originating from her connection with the CEO of ICE, as opposed to her prior position at Bakkt.
Featured picture courtesy of Time
Enjoy reading? ) Please discuss: