Backpack US appointed former SEC commissioner and acting chairman Michael S. Piwowar to its board of directors as the crypto exchange prepares for a more regulated phase of US market expansion.
Piwowar served as an SEC commissioner from 2013 to 2018 and was acting chairman of the agency in 2017. His appointment gives Backpack US a senior regulatory voice as digital asset firms position around clearer rules for crypto trading, tokenized equities, and derivatives.
The hire also strengthens Backpack’s Washington profile. Backpack US President Mark Wetjen is a former acting chairman of the CFTC, giving the company former leadership experience from both major US market regulators.
The timing is important. The CFTC approved Kalshi’s Bitcoin perpetual futures contract in late May, marking a major step toward bringing a product long dominated by offshore crypto venues into a regulated US framework. Coinbase and Kalshi have also announced plans to offer regulated perpetual crypto futures to US investors.
Perpetual futures are derivatives with no traditional expiration date, allowing traders to hold positions without rolling contracts. They have become one of the biggest products in global crypto trading, but their high leverage and offshore history have kept many US institutions away.
