Backpack US Appoints Former SEC Acting Chair Michael Piwowar to Board

Backpack US, a cryptocurrency exchange, announced on Tuesday the appointment of Michael S. Piwowar to its board of directors. Piwowar is a former acting chairman of the U.S. Securities and Exchange Commission (SEC). The move comes as the company expands its product offerings in the United States and as digital asset rules receive renewed attention in Washington.

Piwowar served as an SEC commissioner from 2013 to 2018, after being appointed by President Barack Obama. During President Donald Trump’s first term, he briefly served as acting chairman in 2017. He succeeded Mary Jo White and was followed by Jay Clayton later that year.

Piwowar’s Stance on Crypto and Past SEC Actions

At the SEC, Piwowar and other commissioners publicly stated that bitcoin should not be classified as a security. However, the commission took a skeptical view of the initial coin offering (ICO) boom. During that period, the agency warned about crypto scams and emphasized investor protection. Notably, during Piwowar’s tenure as acting chair, the SEC rejected the Winklevoss Bitcoin ETF proposal.

Before joining the SEC, Piwowar served as chief economist for the Senate Banking Committee. In that role, he worked on SEC-related sections of the Dodd-Frank Act and the JOBS Act. “This moment differs from prior cycles,” Piwowar said in Backpack’s announcement.

Backpack’s U.S. Expansion Plans

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

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

The U.S. plans follow a recent decision by the Commodity Futures Trading Commission (CFTC). As earlier reported, the CFTC allowed Kalshi to offer the first regulated bitcoin perpetual futures contract. Backpack cited that decision in its Tuesday announcement, saying the approval opened a path for U.S.-regulated perpetual products.

Wetjen Links Appointment to Policy Changes

Backpack US President Mark Wetjen also linked Piwowar’s appointment to shifting regulatory policies. Wetjen, a former CFTC commissioner and acting chairman, noted the significance of recent agency actions. “The CFTC’s approval of bitcoin perpetuals last week is a defining moment,” Wetjen said. He added that products once limited to offshore markets now have a viable route in the U.S.

Wetjen also pointed to better coordination between the CFTC and SEC. His own regulatory background adds another former U.S. agency official to Backpack’s leadership team. Backpack has previously discussed plans to go public. The firm proposed a post-IPO treasury tied to 37.5% of its exchange token supply. The total token supply stands at 1 billion. Backpack also announced an equity-linked staking model, where stakers would receive rewards linked to 20% of corporate equity.

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