Bakkt CEO Likely to be Appointed as Georgia Senator
There have been rumors doing the rounds that Kelly Loefller, CEO of Bakkt, will be appointed as the next Senator for the state of Georgia as Republican Senator Johnny Isakson is set to retire. Although Georgia’s Governor, Brian Kemp, is defying Trump by appointing Loeffler, Bloomberg reports that she will have the support of the National Republican Senatorial Committee.
Regulation has shaped up to be the hottest crypto topic of 2019, followed closely by DeFi, block reward halvings, and sovereign digital currencies. So to have someone who supports Bitcoin, not just with words, but with actions, is a huge boost to the industry globally.
The United States has always been the backbone of global regulation. Most international regulation is formulated by the U.S. and promoted by the United Nations or some other supranational agency.
Of late, there have been a number of vocal supporters for cryptocurrency in the United States Senate and House of Representatives, but there is an equal – or even larger – number of those who oppose public ledger cryptocurrencies.
Kelly Loeffler can be a genuine voice for the industry on one of the largest regulatory platforms. As the CEO of a company building strong financial infrastructure from an institutional and retail perspective, she is well-positioned to answer the many questions posed by other bureaucrats.
Misinformation runs rife within political circles. Earlier this year, a video was circulated showing an Indian Member of Parliament (MP) wrongly explaining to the Parliament that the “dark web is on Bitcoin”.
United States, Regulation, and Crypto
An undeniable fact of the last five decades is that the United States is the leader of the modern free world, though it isn’t all that “free”. They shape every ounce of monumental regulation that is set in place in other countries as well.
For example, the war on drugs was a product of Richard Nixon and his continuous prodding of the United Nations to get other countries to adopt this too.
Foreign Account Tax Compliance Act (FATCA) is another example where financial institutions outside the United States are mandated to give the government information about any customers who are American citizens, residents, or formerly held any of the two classifications.
All of this just stands to prove that shaping United States regulation equates to forming global laws. Having an industry insider will prove to be valuable given that it can help shape the international outlook towards cryptocurrency.