Backpack US appoints former SEC acting chair Michael Piwowar to expand US bitcoin perps
Backpack US has appointed former SEC Acting Chairman Michael S. Piwowar to its board of directors, as the crypto exchange expands its regulated U.S. products.
Backpack US says Piwowar—who served as an SEC commissioner from 2013–2018 and briefly as acting chair in 2017—will help navigate renewed U.S. scrutiny of digital asset rules. In earlier SEC roles, Piwowar and other commissioners argued that bitcoin should not be treated as a security, while the SEC remained cautious toward the early ICO boom.
The timing is tied to derivatives regulation. Backpack US plans to expand U.S. perpetual trading after the CFTC allowed regulated bitcoin perpetual futures, which Backpack US cited as opening a path for U.S.-regulated perpetual products. Backpack US President Mark Wetjen framed the CFTC approval as a “defining moment,” noting that offshore-only access should now have a compliant U.S. route. Wetjen also cited coordination between the CFTC and SEC.
Beyond perps, Backpack US also referenced broader U.S. expansion, including a stock trading platform for traditional and tokenized equities layered on top of its crypto exchange operations. The company has previously discussed plans to go public and outlined token-related proposals (including an equity-linked staking model).
Bullish
Backpack US adding a former SEC acting chair is a “regulatory signal” for traders. It doesn’t change spot demand by itself, but it improves the odds that U.S. product rails for bitcoin perpetuals will continue to open. Similar to past moments when regulators provided clearer pathways for exchange-listed crypto derivatives, the market typically responds with a short-term risk-on bias—more confidence in liquidity, tighter compliance, and potentially wider participation.
Short-term (days to weeks): The CFTC approval referenced here is likely to support sentiment around bitcoin derivatives and increase interest in related perps/liquidity, especially for traders who prefer regulated U.S. venues.
Long-term (months): Board-level reinforcement with senior U.S. regulators can reduce policy uncertainty and support sustainable product expansion (perps and tokenized equities). However, the effect can fade if broader SEC enforcement or interpretive disputes re-emerge, which could cap sustained upside.
Overall, the news is more constructive for market structure and trading access than for immediate price fundamentals—hence a bullish tilt rather than an outright price-doubling catalyst.