Ex Bakkt CEO Kelly Loeffler will not be returning for a full term as a US senator as per the latest reports that we have in our latest cryptocurrency news today.
Loeffler ran against Democrat Rapahel Warock and left Bakkt late in December 2019 to fill a Senate seat that belonged to Senator Jonny Isakson after he stepped down due to health concerns. Tuesday’s special election will now determine the fate of the Senate and alongside Warnock and Loeffler, Jon Ossoff and Senator David Perdue ran for Georgia’s other Senate seat. Both Democrats are winning and are awaiting for President-elect Joe Biden to enact his agenda by creating a 50-50 split in the upper house with vice-president-elect Kamala Harris.
However, either Republican winning will allow Senator Mitch McConnel to enjoy two more years in the Senate where he will control key confirmation votes for both the Biden legislative agenda and the Cabinet nominees such as Janet Yellen who is Biden’s pick to run the Treasury Department. The Ossoff-Perdue race was not called as of press time but Cook Political Report’s Dave Wasserman thinks that Ossoff will win the race. The democrats have controlled the House of Representatives since 2018.
Earlier Tuesday night, crypto markets started betting on Democrats winning as Polymarket predicted that Warnock will win as well as Ossoff to win earlier this month.
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FXT predicted also that democrats will win. The ex Bakkt CEO Kelly Loeffler, ran Bakkt since2018 through her appointment to Congress but the senator hasn’t done much for BTC or cryptocurrencies in general since taking office, despite being a member of the Senate Agriculture Committee which was overseeing the Commodity Futures Trading Commissions which is now a key entity in the crypto space.
Loeffler was caught up in controversies in 2020 after the Daily Beast reported that she and her husband Jeffrey Sprecher who is the CEO of Intercontinental Exchange, sold about $1.3 million in stocks after she received the private Senate briefing on the spread of COVID-19 within the US. The IC statement at the time claimed that the financial advisors made the transactions independently. Loeffler refused to concede on Wednesday morning but she still pulls from Donald Trump’s playbook as the President’s family also refused to concede in the lost elections from November.
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