Former Bakkt CEO Kelly Loeffler to help oversee CFTC, raising a possible conflict of interest

Kelly Loeffler, former CEO of bitcoin derivatives exchange Bakkt and a newly-appointed U.S. Senator, has joined the committee that oversees the Commodity Futures Trading Commission (CFTC).

Loeffler has joined the Senate Agricultural Committee, which has jurisdiction over the CFTC. Loeffler’s appointment to the committee raises concerns about a possible conflict of interest. Her husband, Jeffrey Sprecher, is the founder, chairman, and CEO of Intercontinental Exchange (ICE), which is regulated by the CFTC.

“I have worked hard to comply with both the letter and the spirit of the Senate’s ethics rules and will continue to do so every day,” Loeffler told the Wall Street Journal, adding: “I will recuse myself if needed on a case by case basis.”

Loeffler’s appointment reportedly comes at a time when the agriculture committee is working on legislation to reauthorize the CFTC. The committee also oversees approving nominations for CFTC commissioners and chairmen.

Loeffler was sworn in as a U.S. Senator to serve Georgia earlier this month. Before Bakkt, she worked for ICE for 16 years, overseeing the company’s investor relations, marketing, and communication operations.