There is a strong sense in the US that the regulators are not wholly convinced by cryptocurrency. That is to say, the US is not ready to ban it, but the country is also not willing to promote its good side, happier rather to make life difficult.
It has been seen with Libra; it has been seen with the New York BitLicense; there are a number of instances that show the US regulators are perhaps a little unsure, and perhaps a little uneducated, as to what crypto is – or can be.
At the same time, this has led to a number of products and services being offered in the US that pass regulatory muster and are perfectly aimed at institutional investors who have felt threatened by the lack of full regulation. Bakkt, the physically-settled Bitcoin futures offered through the Intercontinental Exchange (ICE), spring to mind.
Bakkt started slowly in its adoption and was not posting very impressive numbers, but there has been a change in the air as the daily contract numbers keep on breaking new ground. Bakkt was aimed at institutional investors to cross the bridge between having a touch of Bitcoin, to being able to own the coins physically.
Now, the big news is that Bakkt CEO Kelly Loeffler, is being lined up by Georgia Governor Brian Kemp for a United States Senate seat next week. The reasoning behind Loeffler’s appointment is nothing Bitcoin-relatedd at all, rather a drive for more women voters for the Republica party, but it is still a good sign for Bitcoin.
There have been mostly negative views from the Senate when it comes to Bitcoin – as well as from the White House with President Donald Trump tweeting, he is not a fan. But, where there has been support, there has been reasoned support.
Two Senators were thought to be part of the reason why the initial members of the Libra Association jumped ship with their scare-mongering letters, but a counter letter from Mike Rounds, reasoned differently.
If Senate was to welcome Loeffler, it would not necessarily see her change the entire face of the Senate’s understanding and acceptance of Bitcoin, but it would mean there would be another Senator in the corner who could help educate and eventually share the experience of how Bitcoin can work in a regulated sense.