The crypto industry is getting an ally in the U.S. Senate

Kelly Loeffler, the CEO of Bakkt, is set to be appointed as the new U.S. senator of Georgia.

While it's still unclear who would succeed Loeffler as the head of Bakkt, her stint in the U.S. Senate could prove to be invaluable to the crypto industry.

Bakkt CEO Kelly Loeffler is set to become a U.S. Senator.

Kelly Loeffler, the CEO of Bakkt, will be Kemp's pick for the vacant seat.

A financial industry veteran, Loeffler will receive the support of the National Republican Senatorial Committee despite not being endorsed by U.S. President Donald Trump.

Public Service Commissioner Tim Echols, who also applied for the seat, told The Atlanta Journal-Constitution that Governor Kemp made the right decision by choosing Loeffler.

Back in 2014, Loeffler considered running for the Georgia seat but ultimately backed down as the Intercontinental Exchange, who Loeffler was the vice president of, was going through the acquisition of the New York Stock Exchange.

As the CEO of one of a handful of regulated companies offering crypto derivatives trading, Loeffler is set to bring a fresh perspective of the industry to the very top of U.S. politics.

While the crypto industry is looking forward to having a powerful ally in the Senate, Loeffler's political opponents accused both her and the Republican party of corruption.

A spokesperson for the Democratic Senatorial Campaign Committee called Loeffler's appointment a "Corrupt coronation" and accused her of buying her Senate seat with political donations.