Former Bakkt CEO Kelly Loeffler to Help Oversee CFTC

Kelly Loeffler, previous CEO of bitcoin derivatives exchange Bakkt and a recently appointed U.S. Senator, has become part of the committee that oversees the Commodity Futures Trading Commission (CFTC). 

Loeffler is now part of the Senate Agricultural Committee, which has jurisdiction over the CFTC. Loeffler’s appointment to the committee raises worries about a potential conflict of interest. Her significant other, Jeffrey Sprecher, is the founder, chairman, and CEO of Intercontinental Exchange (ICE), which is overseen by the CFTC.

“I have 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,” Loeffler said through the Wall Street Journal, including: “I will recuse myself if needed on a case by case basis.”

Loeffler’s appointment purportedly comes at a time when the agriculture committee is working at enactment to reauthorize the CFTC. The committee additionally manages endorsing nominations for CFTC commissioners and chairpersons.

Loeffler was confirmed as a U.S. Senator to serve Georgia this month. Before Bakkt, she served at ICE for 16 years, administering the organization’s investor relations, communication operations, and marketing.