Trump Eyes Former Bakkt CEO Kelly Loeffler for Agriculture Secretary Role

Crypto Meets Agriculture

Former Bakkt CEO and Senator Kelly Loeffler was a strong contender for the role of U.S. Agriculture Secretary under President-elect Donald Trump. However, in a last-minute shift, Trump nominated Brooke Rollins, leaving questions about Loeffler’s future political and crypto influence. Here’s what happened.

Loeffler’s Journey from Bakkt to Politics

Kelly Loeffler made waves as the inaugural CEO of Bakkt, a crypto custody and trading platform founded in 2018 by Intercontinental Exchange (ICE). Under her leadership, Bakkt scaled revenue from $56 million in 2022 to $780 million in 2023, despite grappling with a $226 million net loss. Loeffler transitioned to politics in 2019, serving briefly in the U.S. Senate after her appointment by Georgia Gov. Brian Kemp.

Her loyalty to Trump was a cornerstone of her political platform, boasting a “100% Trump voting record” during her Senate tenure.

Trump and Loeffler: Political and Financial Ties

Loeffler isn’t just a political ally—her connections to Trump run deep:

• She co-chaired his inaugural committee.

• Her husband, Jeff Sprecher, is the CEO of ICE, the majority owner of Bakkt and the New York Stock Exchange.

• Loeffler has been a consistent fundraiser and supporter of Trump’s campaigns.

Financially, Loeffler's former company Bakkt is reportedly in “advanced talks” to be acquired by Trump Media and Technology Group (TMTG), which owns Truth Social. This all-stock deal could integrate crypto ventures into Trump’s portfolio, as Bakkt shifts focus to institutional trading and possibly winds down its crypto custody business.

The Last-Minute Pivot: Brooke Rollins Named Agriculture Secretary

Despite earlier discussions and speculation, Trump announced on Saturday that Brooke Rollins, CEO of the America First Policy Institute, would take the Agriculture Secretary post. The decision followed days of deliberation and raised questions about whether Loeffler was officially offered the position.

Loeffler’s Crypto Legacy and Political Aspirations

Though Loeffler missed the Agriculture Secretary role, her influence in both politics and crypto remains significant. With TMTG’s potential acquisition of Bakkt, her crypto expertise may still shape Trump’s administration indirectly.

Conclusion: Crypto, Cabinet, and Controversy

Kelly Loeffler’s journey from crypto CEO to political figure exemplifies the growing intersection of finance and government. While she didn’t secure a Cabinet role, her ties to Trump and Bakkt suggest her story is far from over. As crypto continues to gain traction in Washington, figures like Loeffler may play pivotal roles in shaping its future.