Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Kelly Loeffler. Photo: Rich von Biberstein/Icon Sportswire via Getty Images

Georgia Gov. Brian Kemp's decision to name Kelly Loeffler as interim U.S. senator has generated lots of political buzz, due to some Trump loyalists claiming betrayal.

Why it matters: The intra-GOP skirmish has obscured the big business story, in that Loeffler will become one of precious few senators with a working knowledge of technology and, in particular, blockchain technology.

Context: Loeffler is founding CEO of Bakkt, an Atlanta-based cryptocurrency custodian and infrastructure company formed in mid-2018 as a subsidiary of Intercontinental Exchange.

  • Bakkt launched with over $180 million in Series A funding from ICE, Microsoft, Starbucks, Boston Consulting Group, and a raft of blockchain-focused investors.
  • In September it (finally) deployed physically-settled bitcoin futures contracts, to better encourage cryptocurrency trading, and volume keeps hitting new highs.
  • Bakkt also said its early 2020 plans include a consumer-facing app that would enable consumers to buy merchant goods via digital assets.
  • Loeffler isn't a techie by training — she previously led IR and marketing at ICE — but she's a savant by senate standards.

The big picture: The Senate has expressed interest in more clearly regulating digital assets, particularly in the aftermath of Facebook's Libra announcement. And most of the mainstream crypto market would welcome common rules of the road, but are understandably worried that most senators are swimming in ignorant waters.

  • Loeffler won't have too much legislative sway, given her interim status and inherent controversy, but she could become an invaluable asset for both sides of the conversation.

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
1 hour ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Health: CDC: It's time for "universal face mask use" — Death rates rising across the country — Study: Increased testing can reduce transmission.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Cities: Bay Area counties to enact stay-at-home order ahead of state mandate
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.