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Former Bakkt CEO Kelly Loeffler looses to senate seat to a Democrat candidate

The Georgia race has not been for the swift as Kelly Loeffler lost the seat to Raphael Warnock. dUpon losing the seat, Kelly the ex-CEO of the Bitcoin futures exchange Bakkt will no longer be a legislator at Washington.

From the AP news on Jan 6th, Warnock, a democrat candidate won the US senate runoff elections for Southern Georgia. The runoff elections are important as they are the one that influence which party will control the majority in the senate, which will set the pace for president-elect Joe Biden legislation when he gets to office on Jan 20.

The runoff elections came as an afterthought when there was a tight tug of war between republican David Perdue and democrat Jon Ossoff and there was no one who got the 50% majority vote.

Ironically Loeffler did not concede defeat despite him losing on the elections.

Loeffler’s Crypto relations

Loeffler has a long history in the crypto industry from 2018 when she became the CEO of Bakkt. She completed her CEO term end of 2019 where Sen. Johnny Isakson took over from her.

Even though Loeffler lasted in the senate seat for a short time, she got allegations of selling stock worth hundreds of thousands of dollars from intel info on coronavirus. From the accusations, she collaborated with her husband to dump stock in retail companies and then using that money to buy shares demo a teleworking software company Citrix Systems, just before the COVID-19 lockdown.

The senator, however, denied the allegations and upon research there was no proof against her that was found. In addition to that, Loeffler added that her and the husband plan to liquidate some of their holdings to have a better focus on dealing with the pandemic crisis.

The accusations and allegations against Loeffler were used as the main subject during the campaigns and may be the main reason she lost.

More democrats winning makes it easy for the president elect Joe Biden to fulfill his agenda of a 50-50 split with the vice president. It is no surprise that democrats are on the forefront as they have been controlling the house of representatives from 2018.

Image by Raphael Warnock from Flickr



Marcia is a real crypto fan, specialized in bitcoin and NFT news.


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