Bitcoin Forum

Kelly Loeffler, the chief executive of institutional Bitcoin futures platform Bakkt, is expected to be picked by Georgia Governor Brian Kemp for a seat in the United States Senate this week, the Wall Street Journal reports.

The selection is in defiance to President Trump’s insistence on the appointment of Representative Doug Collins, a fierce defender of the President during the impeachment inquiry. If approved, Loeffler would take over the Senate seat vacated by three-term Senator Johnny Jackson, but she will have to contest re-election in 2020.

Click here to read the full news (https://beincrypto.com/bakkt-ceo-kelly-loeffler-could-become-a-u-s-senator-next-week/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

Here is my own opinion. Despite that the Bakkt CEO could become a U.S. Senator by next week, I would honestly believe that there are no guarantees that it would really impact the price of Bitcoin and other cryptocurrencies.

Assuming that Kelly did “walk the talk” next week, she could be an advocate of Bitcoin and crypto. However, it does not mean that her fellow senators (if she did take that senatorial seat) would definitely support. There are some who would oppose it, just like Mark Zuckerberg’s Facebook Libra coin.

What do you think about this one guys? Thanks!

I don't see any opportunity to impact bitcoin price if Kelly gets selected to chair a governmental role! However, we might see some push from her end to regularize the bitcoin usage and streamline the tax law on cryptos but nothing else! As you've rightly said, she may become an advocate of cryptos to the US government but with her limited power, she won't be able to make outright changes to the policy!

But it's good news that cryptos have started forming a lobby at the governmental level!

Surely she would be a proponent and advocator for the recognition of Bitcoin in the Senate however she must have a full support and backing of other senators before any tangible decision, hearing and deliberations about the adoption of Bitcoin can be heard, however her possible entrance into the Senate is a welcome development and as a Bitcoin enthusiast definitely Bitcoin is going to gain more recognition.

To be honest I don't really believe that if he could become a senate in the US it would have a positive impact on bitcoin, I'm worried that if it becomes a way to monopolize cryptocurrency if he is elected.
Because he is not from the community, so I doubt what he is doing in cryptocurrency.

And here we have it, we now cheer for the same persons we've been booing when they were working (in this case for ICE) for manipulating markets, but once their goal is aligned with us, cheer for them!
Talk about a pact with the devil!  ;D

I wonder what the reactions will be if either Madoff or Soros start praising bitcoin. I'm storing some popcorn for this!


Are you sure she's a bitcoin enthusiast or she's enthusiastic about how much money she can make from bitcoin?
Because there is a huge difference between those two, and if they find a new way to make money the enthusiasm might go away!

"He" isn't becoming a "senate".  She is going to become a senator, apparently.  But I thought senators were elected by the public and weren't appointed by anyone else.  I'm an ignoramus about politics, but I'm pretty sure senators aren't made this way.

In any case, this could be a really good thing for crypto because it's obvious that Kelly Loeffler knows about and supports cryptocurrencies.  However, that could also mean that she would push for more regulation and who knows what else.  You just never know what a politician is going to do once they get into office.  But at the very least she isn't one who's ignorant about bitcoin and probably doesn't have biases against it.  We'll have to see what happens.

Yeah, I've noticed that tendency myself--and not just in the crypto space.  It happens with a bunch of different groups and issues, and I guess that's just how human psychology works.

IMO Soros might do that eventually. After all, he's liberal, supporting freedom, transparency, and diversity. Decentralization is just the next step. There've been public talks (= academic lectures) on cryptos at the university he built (CEU), and in 2018 there've been talks about Soros Fund investing in cryptos. People change, their opinions change even more when they get to know things better.
As for the Bakkt CEO, I think that it's a good thing to have someone so close to the crypto area anyway, but it's true that one person probably would not be able to do much, and she might be in favor of imposing taxes and stuff, since her business has to pay taxes anyway. Well, at least a person like that would do everything not to allow a crypto ban or something like that, and it's already a plus.

I couldn't care less. Bitcoin has never needed any of these high level bobos. Their only incentive is to fill their own pockets, not to do what's best for Bitcoin.

People should pay attention to what the developers are aiming towards (schnorr taproot for example) and not what these bobos do. They will clutter this space with more cash settled garbage (Bakkt will be launching cash settled futures and options pretty soon). CME is launching options too and doubled the number of contracts entities can hold on a monthly basis. Is that something people get excited about?  ::)

Bitcoin has been thriving in the last ten years, but having a bitcoin friendly Senator could push adoption even more, in my opinion. But it is still politics though, we don't know if others have their agenda behind to go against crypto if ever she is elected in the US Senate and be the voice of bitcoin. For all we know, there are a lot of Senators who are anti-crypto in general and one Senator is not enough to turn the tide, so it is a long shot.

We already have a bunch of them:
Mark Warner Virginia Senator Mark Warner: Crypto Market Could Hit $20 Trillion (https://bitsonline.com/senator-warner-20-trillion/)
Rand Paul Rand Paul Accepts Bitcoin for Presidential Campaign (https://www.coindesk.com/rand-paul-presidential-campaign-bitcoin-donations)

There are also Kevin McCarthy (https://bitcoinist.com/i-like-bitcoin-says-united-states-house-representative-kevin-mccarthy/) and Patrick McHenry (https://www.forbes.com/sites/ktorpey/2019/10/24/this-us-congressman-thinks-bitcoin-will-have-enormous-value-and-utility-over-the-long-term/#2c562582278e).

Nothing is stopping people in the US from buying bitcoins just as they did till now.
If you need a senator to tell you to buy and use BTC, then you should be concerned!


Yeah, one piece of news with Senator PaymeandIwillLobbyforU or J Lo wearing a bitcoin tattoo on her panties and everyone is getting wet.
Adoption is coming!

Technical stuff, daily usage, safe wallets, easiness of dealing with LN, that's some ramblings nobody cares.

Some of the profiles I'm seeing about her don't even mention Bakkt. She's being painted as a red-blooded conservative. This is what she recently said (https://www.foxnews.com/politics/georgia-gov-kemp-appoints-kelly-loeffler-to-us-senate):


She doesn't sound particularly focused on Bitcoin, does she? She's also in a politically tenuous situation since the the Trump camp strongly pushed for the governor to appoint someone else. She doesn't have much room to advocate for anything outside the core party line right now.

Yes, she is a Bitcoin enthusiast but how much could she actually do. Without support of broader politics and powerful people outside Bitcoin community there are not much possibilities. However, with hard efforts she might achieve some progress in Bitcoin recgonition.

To be honest. If she does become the  US senator there's chance it will have good impact on the crypto market cause the press surely ask her some few questions about crypto and her respond will inspire some people but its not guarantee as the OP once said.

Dont see for a guaranteed positive effect but somewhat having these pro-Bitcoin senators does have at least even small recognition but well it all depends on the efforts though.

hopefully what we hope to happen, if indeed he can make bitcoin grow, we will always support it .. !!

Efforts and their action regarding this matter.
If they take an action that will benefit Bitcoin, it will surely create a massive adoption or at least increase the demand. We can't still assure that after she was pick as one of the winning senator, we can see the increase in bitcoin.

Then why you make a clickbait title, especially since it's not the original title of the article, if you think that the answer to your question is no? It's clear as a day that a single senator can't make the price go up or increase adoption, and everyone here knows it, except for maybe the most naive newbies.

but isn't that much better when people familiar with bitcoin sit in the US government, even though it doesn't have a big influence but at least it can be easier to introduce bitcoin in the government room, I hope more and more people who know bitcoin can become ministers or the president so that it can make it easier for bitcoin and cryptocurrency to have a good future

Some politicians are making statement about cryptocurrency for advertisement purposes only and to attract more voters but when they got the position they forget all their propaganda. If she really pro-bitcoin then she should make a law about it, of course it must be a pro bitcoin law and fight for the right of her constituents. This election might not affect the whole market, but we are hoping for a more Senators to support cryptomarket as a whole.

If she will be able to create a draft bill and persuade big part of Congress, it could be helpful, but there is one thing - what would be in such bill? This is crucial because often content of legislation is a result of negotiations about clauses. So then it may be that "ok, we agree for X, but in exchange in this bill, there will be Y" - when Y would, for example, mean that you will need to file for a trading license for cryptocurrencies if your annual turnover exceeds $250k.

My thought exactly. One thing is surely certain which is that there is one more voice to the support rally. It might mean the change or not but its surely a good development in the right way and one that needs to be happy about. It also shows that not all people associated with crypto are into illegal activities as the representative of the people, law makers, people who can be a model to the upcoming generation are also associated with crypto and they are not shy about his and at the same time, its not an impediment for them to even aspire to the highest office in the land. For the change in crypto price, I think it will be too early to tell as there are still series of process because to even entrenched in the office of the capitol, it takes time not to talk of being a driver of change.

We can't deny the fact that the possible changes will affect the price steadfastly without any further hoax. That doesn't mean illegalities there because she's in the power, but if ever the positive motive will come in and brings brighter future for all of us whose willing to wait. I think two years and up would be enough in getting into maturity, since several bad days of experiences always matter and do give us harder times in learning from the mistakes of our actions.

Same here,  I also think that she will not put her personal belief regarding cryptocurrency first, but rather she will prioritize her party's advocate than hers.  Though it is a good thing to see some crypto enthusiast be elected on the seat of power. It is good news, yes, but it won't be that huge of an impact.

We will have news about it to show us "she's our new hero", maybe btc price will pump like 2-5% but I don't see any reason to affect the price.
If she's doing things to reduce fees and promote it directly.... in that case maybe a bigger pump  :D

After the cryptoworld is pretty random and crazy so anything can create the fuel to go to the moon  :D

If she will seat in the senate then there will be a huge effect in the cryptocurrency community, the community will be strong and many more people will adapt it because of she can influence many people because of her power. She can also explain it to other senate members because some of them do not understand the blockchain technology and it functions and uses.

The reason is very simple, he/she need to trick as many people as possible to open this thread and visit the site that is promoted all over the forum. Such posting should be allowed only in Press, and only if it is related to Bitcoin. From what I can see OP is just starting a thread and move to create a new one, zero discussions from his side.

I also agree with you and many others, one US senator can not change anything, especially one that has identical positions as Trump. We know his attitude towards Bitcoin, and squatter is posted a very nice quote about Kelly.

If she was the president of USA, yes it will change many things for us, but you are right it is trump.
I do not have anything against him (not my president) but his point of biew on the crypto world is not helping... after which president is a crypto fan or lover ? (if you have some names ).

Sure it will have an impact, But we cannot guarantee that bitcoin will thrive even more.
Because many may have the potential to contradict his goal. Just like American's Prisedent Donald Trump and other senators, and they may even destroy people's belief in bitcoin because some newbie will possibly avoided bitcoin and some people that zero knowledge and awareness in bitcoin that actually see on television that bitcoin is not good to invest they will not invest and ignore bitcoin.

It doesn't matter who the president of the US is, there is no room for a competitor (Bitcoin in this case) to their own government issued currency. In that regard, I'm pretty certain that she will adopt an anti Bitcoin stance similar to Trump's. We'll see her narrative change to something like; blockchain is a great invention, Bitcoin not so much.

Politicians are backstabbers and compulsive liars. They have no problems betraying the had that fed them, or the people they made promises to.

Yes you are right, I was not thinking about bitcoin but cryptoeconomy in general (and the blockchain one too), polotics are telling you the truth as long as they know they it is possible to lye ...

But Yes, why do you need Bitcoin and crypto when you have the great Blockchain to cure everything !! ( ::) )

That seems overly pessimistic. Bakkt is a business, Loeffler is a businesswoman, and Bitcoin is a speculative commodity. Hardly anyone views it as a competitor to the US dollar.

I think she'll just become rather tight-lipped about Bakkt and Bitcoin in general, now that she's in the spotlight.

If she were to become president...but that's just a hypothetical question, she has yet to become a senator. And by she is saying, nothing would change for you or me - it’s just a matter of how many new wars, military or trade, would be there to make our lives more difficult. Bitcoin shouldn't be so centralized that depends on one or two countries or their policy, and this is exactly what is happening now.

I know a candidate for US president Andrew Yang is Bitcoin-friendly, but he has no chance of becoming president. I also know that Belarus president Lukashenko is very crypto-friendly, he declared a 0% tax on all crypto-related business for 5 years, and he also has in plan to build mining farms (https://news.bitcoin.com/will-belarus-be-the-first-country-with-nuclear-powered-bitcoin-mining/) near a new nuclear power plant. In Europe, they call him "the last European dictator", but at least he understands the potential and the opportunities Bitcoin can provide, unlike some supposedly large democracies who consider Bitcoin a mere threat and its user's criminals.

She may do something good for crypto but i dont think that she will have power to do something big

Thanks for the details and the link I will take a look. Yes in Europe we love to call some people "dictators" when we do not have the same vision ...
After even if he was a dictator, everyone can have a good idea or a global vision  ;D