TheBlock
Crypto exchange Backpack US has appointed former U.S. Securities and Exchange Commission Acting Chairman Michael S. Piwowar to its board of directors, pairing him with Backpack US President Mark Wetjen — himself a former CFTC commissioner and acting chairman — as the company pushes into regulated U.S. perpetual futures.
The appointment lands one week after the CFTC cleared Kalshi to offer the first regulated bitcoin perpetual futures contract on a U.S. venue, a decision Backpack's team framed as a structural opening. Piwowar, an SEC commissioner from 2013 to 2018 who briefly served as acting chairman in 2017 under President Donald Trump's first term, said in a statement that the U.S. digital asset market is "entering a new phase" defined by "growing momentum toward regulatory clarity and durable market infrastructure." Backpack currently offers regulated perps in the EU and has signaled it intends to bring the product to the U.S. alongside a recently unveiled stock trading platform that blends traditional and tokenized equities.
Why it matters
Two former top US market regulators in one C-suite is unusual outside the largest incumbent banks, and it's the kind of credentialing that travels well with both the SEC and the CFTC during license applications. Wetjen's prior CFTC tenure gives the company a direct line into the perpetuals policy track; Piwowar covers the SEC side of the house where tokenized equities and any security-status questions on Backpack's products will land. Backpack has also signaled plans to go public — including a proposed post-IPO treasury backed by 37.5% of its 1 billion exchange-token supply and an equity-linked staking model offering stakers 20% of corporate equity — meaning the regulatory posture is being built with public-market investors in mind from day one.
Market impact
The CFTC's greenlight to Kalshi is the policy catalyst: it formalizes a U.S.-regulated path for bitcoin perpetuals that until recently existed almost exclusively offshore. Backpack's EU perps book gives it operating muscle to import; its new board gives it the Washington access to argue that the product belongs onshore.
Frequently asked questions
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Who is Michael Piwowar and why does his appointment matter?
Piwowar served as an SEC commissioner from 2013 to 2018 and briefly as acting SEC chairman in 2017 during Trump's first term. His board seat at Backpack US adds direct SEC-side regulatory credibility as the company pursues a US perpetuals license.
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What is Mark Wetjen's regulatory background?
Wetjen, Backpack US's president, previously served as a commissioner and acting chairman of the CFTC. Combined with Piwowar, Backpack now has former leaders of both top US market regulators in its senior ranks.
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What triggered Backpack's push into US perpetuals now?
The CFTC's recent approval of Kalshi to offer the first regulated bitcoin perpetual futures contract on a US venue opened the policy door. Backpack already runs regulated perps in the EU and is positioning to bring the product onshore.
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How does Backpack fund its expansion?
Backpack raised a $17 million Series A in 2024 led by Placeholder VC, with Robot Ventures, Wintermute, and Selini participating. The company has also flagged plans to go public, including a post-IPO treasury backed by 37.5% of its 1 billion-token supply.
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What is Backpack's broader product strategy beyond perps?
Backpack recently unveiled a US stock trading platform that blends traditional and tokenized equities. The company also proposed an equity-linked staking model that would reward stakers with 20% of its corporate equity post-IPO.
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