Bakkt’s Former CEO Joins Trump’s Committee to Reopen Economy

Bakkt’s Former CEO Joins Trump's Committee to Reopen Economy

Kelly Loeffler, former CEO of crypto exchange Bakkt, has joined Trump’s controversial committee to reopen the economy.

Loeffler said on her account:

“Thank you, @realDonaldTrump for appointing me to your task force on re-opening America safely in the wake of #COVID19. With 22 million Americans filing for unemployment, it’s clear we must start working to revive our economy and get the American people back to work safely.”

The appointment came after allegations that Loeffler sold off personal holdings worth millions of dollars in late January, which sparked claims of illicit insider trading.

However, Loeffler denied the claims, arguing that her investment decisions “are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”

Nevertheless, her selloff of equities that quickly witnessed a massive decline generated suspicion in both the public and press.

Trump’s task committee is a diverse group of senators that aims to provide counsel to the President on the US reopening in the aftermath of COVID-19. It contains another senator suspected of capitalizing on the disaster; David Perdue who is Loeffler’s fellow Republican from Georgia.

Loeffler downplays pandemic’s negative impact

Loeffler has tried to openly downplay the pandemic’s negative effect on what she describes as a robust U.S. economy.

Trump released new measures yesterday to bring people back to work. However, he dismissed the suggestion that the crisis might create a “new standard” before a drug is discovered.

He told reporters this week that “if a restaurant has 158 seats full before, it’s going to be filled again with 158 seats.”

Bitcoin to become more bullish than ever

As the US considers measures to lift coronavirus prevention, two more players in the industry are weighing the impact of the event on the price of Bitcoin.

Industry players said the price of Bitcoin (BTC) could be affected once U.S. governing bodies lift COVID -19 prevention measures such as stay-at-home orders and closures of businesses.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.