As a new member of the United States Senate, Kelly Loeffler will from now on become a part of the Senate Agriculture Committee which oversees the CFTC. However, some policy analysts are worried about her new position given her spouse’s position as the founder and CEO of Intercontinental Exchange.
Kelly Loeffler, the former CEO of Bakkt and new Georgian state senator, is set to oversee the Commodity Futures Trading Commission (CFTC). Formerly a part of the cryptocurrency sector, Loeffler is a United States senator since Jan. 6. As reported by Agri-Pulse, she will also join the Senate Agriculture Committee which oversees the CFTC.
While initially seen as promising, her appointment in the committee may lead to a conflict of interest given her husband’s position. Jeffrey Sprecher is the CEO and founder of the Intercontinental Exchange (ICE), the largest U.S. exchange regulated by the CFTC. At the time of writing, Sprecher holds a 1.1% stake in the ICE which amounts to around $600 million.
When questioned about this issue, Kelly Loeffler swore that she would comply with the Senate’s ethics and rule. Furthermore, she would recuse herself on a case-by-case basis if needed.
Pat Roberts, the current chairman of the agriculture committee, welcomed the ex-crypto businesswoman and praised her farming roots. However, several policy analysts are worrisome about the ongoing development.
Gregg Gelzinis, who is part of the public policy research and advocacy organization ‘Economic Policy at American Progress’ believes that Loeffler’s assignment in the committee raises ‘a cause for concern.’ In one of his most recent statements, Gelzinis said:
“It’s particularly important for her to either say that she’ll be recusing herself from that piece of the ag committee’s jurisdiction or providing some sort of clear commitment to the public that this isn’t going to get in the way of her conducting official business.”