TechFlow news — On November 24, according to The Block, President-elect Donald Trump plans to appoint Kelly Loeffler, former CEO of cryptocurrency firm Bakkt and former U.S. senator, as Secretary of Agriculture. Loeffler will also serve as co-chair of Trump’s presidential inauguration committee. Notably, her husband, Jeff Sprecher, is the founder and CEO of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange and the founding entity and majority shareholder of Bakkt.
In addition, the Financial Times reports that Trump’s social media company, Trump Media and Technology Group (TMTG), is in advanced talks to acquire Bakkt in an all-stock deal. Trump holds a 53% stake in TMTG. According to the report, Bakkt plans to build a trading platform for institutional investors and may gradually shut down its licensed cryptocurrency custody operations in New York.
