Former Bakkt CEO Kelly Loeffler (R-Ga.) Won’t be returning for a full term as a U.S. Senator, AP forecast on Wednesday.
Loeffler, who ran against Democrat Raphael Warnock, left the crypto storage company in late December 2019 to occupy former Senator Johnny Isakson’s seat after Isakson (R-Ga.) Resigned on health grounds.
The special elections on Tuesday will determine the fate of the Senate. In addition to Loeffler and Warnock, Jon Ossoff (D-Ga.) And Senator David Perdue (R-Ga.) Ran for Georgia’s other Senate seat. The victory of both Democrats paves the way for President-elect Joe Biden to execute his agenda by creating a 50:50 split in the House of Lords (with elected Vice President Kamala Harris as the tiebreaker).
Any Republican victory would allow current Senator Mitch McConnell (R-Ky.) To serve another two years in the Senate, where he could control key confirmatory votes for both Biden’s legislative agenda and cabinet candidates like Janet Yellen, Biden’s election to head the Treasury Department .
The Ossoff-Perdue race had not yet been scheduled at the time of going to press, despite Dave Wasserman of Cook Political Report projected Ossoff to win the race on late Tuesday.
Democrats have been in control of the House of Representatives since 2018.
Earlier on Tuesday night, some crypto-powered prediction markets were betting that both Democrats would win. Polymarket predicted that Warnock will win since December 31 and Ossoff wins since the beginning of this month. FTX similarly predicted Dems would win.
Loeffler has led Bakkt since it was founded in mid-2018 when she was appointed to the Congress. However, the Senator hasn’t even mentioned bitcoin or cryptocurrencies since taking office, despite being a member of the Senate’s Agriculture Committee that oversaw the Commodity Futures Trading Commission, a key regulator in the crypto space (and the one overseeing Bakkt).
Loeffler was embroiled in controversy in early 2020 after the Daily Beast reported that she and her husband, Jeffrey Spokesman, CEO of Intercontinental Exchange (ICE), sold stocks between $ 1.3 million and $ 3.2 million after they had received a private Senate briefing on the possible spread of COVID-19 within the US
An ICE statement at the time alleged that the two’s financial advisors made these transactions independently.
Loeffler refused to admit early Wednesday morning, despite the act of concession is a traditionrather than a legal requirement. In doing so, she continues to withdraw from President Donald Trump’s game book – the President has also refused to admit that he lost the election in November despite later Loss of over 60 legal challenges to reverse the results of several states.