Backpack US names former SEC acting chair Michael Piwowar to board

Backpack US has appointed former SEC Acting Chairman Michael S. Piwowar to its board. The crypto exchange announced the appointment on Tuesday while expanding U.S. products.

• Backpack US appointed former SEC Acting Chairman Michael Piwowar to its board of directors.
• Piwowar previously served as SEC commissioner and acting chairman during President Donald Trump’s first term.
• Backpack US plans to expand U.S. perpetual trading after the CFTC allowed regulated Bitcoin perpetual futures.

According to Backpack US, Piwowar joins as digital asset rules receive renewed attention in Washington.

Former SEC official joins Backpack US board

Piwowar served as an SEC commissioner from 2013 to 2018 after President Barack Obama appointed him. During President Donald Trump’s first term, he briefly served as acting chairman in 2017.

Mary Jo White preceded him, and Jay Clayton succeeded him later that year. “This moment differs from prior cycles,” Piwowar said in Backpack’s announcement. At the SEC, Piwowar and other commissioners said bitcoin should not qualify as a security. However, the commission took a skeptical view of the initial coin offering boom.

The agency warned about crypto scams and stressed investor protection during that period. During Piwowar’s acting chair tenure, the SEC rejected the Winklevoss Bitcoin ETF proposal. Before the SEC, Piwowar served as chief economist for the Senate Banking Committee. He worked on SEC-related sections of the Dodd-Frank Act and the JOBS Act.

Backpack ties appointment to U.S. product plans

Backpack started as a Solana-based wallet from the team behind the Mad Lads NFT collection. The company later expanded into crypto exchange services across several markets. In the United States, Backpack US has focused on regulated market access. Earlier this month, Backpack unveiled a stock trading platform for traditional and tokenized equities.

The platform adds equity access to its existing crypto exchange operations. Backpack described the product as part of its U.S. expansion plan. Backpack also said it plans to expand perpetual futures trading in the United States. The company already offers regulated perpetual trading in the European Union.

Its U.S. plans follow recent action by the Commodity Futures Trading Commission. As it was reported by reported earlier by crypto.news, the CFTC allowed Kalshi to offer the first regulated bitcoin perpetual futures contract. Backpack cited that decision in its Tuesday announcement. The company said the approval opened a path for U.S.-regulated perpetual products.

Wetjen cites CFTC approval and market structure

Backpack US President Mark Wetjen also linked the appointment to policy changes. Wetjen previously served as a CFTC commissioner and acting chairman. “The CFTC’s approval of bitcoin perpetuals last week is a defining moment,” Wetjen said. He added that products once limited offshore now have a U.S. route.

Wetjen also cited coordination between the CFTC and SEC. His regulatory background adds another former U.S. agency official to Backpack’s leadership. Backpack has also discussed plans to go public through earlier company announcements. The firm proposed a post-IPO treasury tied to 37.5% of its exchange token supply.

The total token supply stands at 1 billion, according to the company’s plan. Backpack also announced an equity-linked staking model for token stakers. Under that proposal, stakers would receive rewards linked to 20% of corporate equity.