Former Bakkt CEO Kelly Loeffler loses Georgia Senate seat.

Former Bakkt CEO Kelly Loeffler (R-Ga.) will not return for a full term as a U.S. Senator, AP projected Wednesday.

Former Bakkt CEO Kelly Loeffler, who ran against Democrat Raphael Warnock, left the crypto warehousing company late in December 2019 to fill former Sen. Johnny Isakson’s seat after Isakson (R-Ga.) stepped down due to health concerns. Tuesday’s special election will decide the fate of the Senate; alongside Kelly Loeffler and Warnock, Jon Ossoff (D-Ga.) and Sen. Republican David Perdue ran for Georgia’s other Senate seat. Both Democrats winning clears the way for President-elect Joe Biden to enact his agenda by creating a 50-50 split in the upper house. 

 

A Republican winner would allow Mitch McConnell to enjoy another two years running the Senate.

Republican winning would allow current Senator Mitch McConnell to enjoy another two years running the Senate, where he could control key confirmation votes for both Biden’s legislative agenda as well as for Cabinet nominees, such as Janet Yellen, Biden’s pick to run the Treasury Department. The Ossoff-Perdue race hadn’t been called as of now, though Cook Political Report’s Dave Wasserman projected Ossoff to win the race late Tuesday. Democrats have also controlled the House of Representatives since 2018.

 

Crypto regulations are likely to favor the industry under the new administration. 

As reported earlier, the CEO of the digital currency company Circle, Jeremy Allaire, said he is confident that the incoming Biden administration will support cryptocurrencies. Since the Biden administration said it would be focused on making the country more competitive by bringing in infrastructure changes, it would support cryptocurrencies because digital currencies are core building blocks in those changes, the CEO said in an interview with CNBC. Joe Biden’s administration has not made any particular policy about cryptocurrencies, but it is expected to favor the industry. The elect President Joe Biden has not made any comments specifically about the crypto industry, but the crypto community is hoping that Democrats would do a better job than Republicans.  

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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