Backpack US is strengthening its leadership team by bringing former U.S. Securities and Exchange Commission (SEC) Acting Chairman Michael S. Piwowar onto its board of directors. The appointment comes as the crypto exchange looks to expand its footprint in the United States and capitalize on growing regulatory clarity around digital assets.
The company announced the move on Tuesday, highlighting Piwowar’s extensive experience in financial regulation and public policy. His arrival comes at a time when lawmakers and regulators in Washington are paying renewed attention to cryptocurrency rules and market structure.
Former SEC Leader Joins Crypto Exchange
Piwowar is no stranger to financial regulation. He served as an SEC commissioner from 2013 to 2018 after being appointed by former President Barack Obama. In 2017, during President Donald Trump’s first term, he briefly took over as acting chairman of the agency before being succeeded by Jay Clayton. He followed former SEC Chair Mary Jo White in the role.
Reflecting on the current state of the crypto industry, Piwowar said the environment today is significantly different from previous market cycles.
During his time at the SEC, Piwowar and several commissioners argued that Bitcoin should not be classified as a security. However, the agency remained cautious about the rapid growth of initial coin offerings (ICOs), frequently warning investors about fraud and emphasizing consumer protection.
One notable decision during his tenure as acting chairman was the SEC’s rejection of the Winklevoss Bitcoin ETF proposal. Before joining the SEC, Piwowar worked as chief economist for the Senate Banking Committee, where he contributed to financial legislation including portions of the Dodd-Frank Act and the JOBS Act.
Backpack Expands U.S. Operations
Backpack originally launched as a Solana-based wallet developed by the creators of the popular Mad Lads NFT collection. Over time, the company expanded into cryptocurrency exchange services and has continued growing across multiple markets.
In the United States, Backpack has focused heavily on offering regulated products. Earlier this month, the company introduced a stock trading platform that supports both traditional and tokenized equities, adding a new business line alongside its crypto exchange operations.
The company says the latest board appointment aligns with its broader U.S. growth strategy.
Perpetual Futures Become a Key Focus
Backpack is also preparing to expand perpetual futures trading within the U.S. market. The company already provides regulated perpetual trading services in the European Union and sees new opportunities emerging in America.
Its plans follow a recent decision by the Commodity Futures Trading Commission (CFTC), which allowed Kalshi to offer the first regulated Bitcoin perpetual futures contract in the United States. Backpack pointed to that approval as an important milestone that could pave the way for additional regulated perpetual products.
Regulatory Momentum Supports Growth
Backpack US President Mark Wetjen, who previously served as both a CFTC commissioner and acting chairman, said the approval represents a major turning point for the industry.
According to Wetjen, products that were once largely available through offshore platforms now have a clearer path to operating under U.S. regulations. He also highlighted increasing coordination between the SEC and CFTC as a positive development for the market.
Piwowar’s appointment adds another experienced regulator to Backpack’s leadership team as the company continues pursuing ambitious growth plans.
Beyond expanding its trading services, Backpack has previously discussed the possibility of going public. The company has proposed a post-IPO treasury strategy connected to 37.5% of its exchange token supply, which currently totals 1 billion tokens. It has also introduced plans for an equity-linked staking model that would allow token stakers to receive rewards tied to 20% of corporate equity.
As regulatory conditions evolve and institutional interest in crypto continues to grow, Backpack appears to be positioning itself for a larger role in the U.S. digital asset market.
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