Backpack US appointed former Securities and Exchange Commission (SEC) Acting Chairman Dr. Michael S. Piwowar to its Board of Directors on Tuesday, June 9, 2026. The move signals a concerted effort by the exchange to expand its presence in the American digital asset market, specifically targeting the growth of regulated perpetual futures. Dr. Piwowar, who currently leads Georgetown University’s Psaros Center for Financial Markets and Policy, brings deep regulatory history to the firm as it navigates evolving U.S. oversight.
Dr. Piwowar’s career includes serving as an SEC Commissioner from 2013 to 2018 and a tenure as Acting Chairman during the first Trump administration. He acted as the lead economist on critical sections of the Dodd-Frank Act and the JOBS Act during his time with the U.S. Senate Committee on Banking, Housing, and Urban Affairs. This technical background is expected to assist Backpack US as it seeks to institutionalize its offerings.
The exchange is pivoting its attention toward the U.S. derivatives market following the Commodity Futures Trading Commission (CFTC) decision to allow Kalshi to offer the first regulated bitcoin perpetual futures contract. While Backpack already provides regulated perpetual trading in the European Union, the firm is now working to bring those capabilities to domestic users.
Expanding regulated crypto perpetual futures in America
Backpack US President Mark Wetjen stated that the firm now possesses the infrastructure and board-level expertise to be a serious participant in the U.S. market. Mr. Wetjen, who previously served as a CFTC Commissioner, noted that the coordinated approach between the CFTC and the SEC highlights how much the policy environment has evolved. He specifically pointed to Dr. Piwowar’s knowledge of market structure as a key asset for the firm’s upcoming expansion.
The timing of the appointment coincides with a broader shift in how digital asset rules are being shaped in Washington. Dr. Piwowar observed that the regulatory landscape is entering a new phase that focuses on bringing innovation into established financial structures through clear rules. He noted that the growing momentum toward durable market infrastructure distinguishes this period from previous market cycles.
This focus on regulatory clarity comes as Bitcoin holds steady despite selling pressure in other sectors of the digital asset economy. Backpack US originated as a Solana-based wallet created by the developers of the Mad Lads NFT collection, but it has quickly matured into a high-volume global exchange. To date, the platform has processed more than 1 billion transactions and managed $447 billion in trading volume.
Strategic integration with traditional financial markets
Backpack US is also deepening its ties to legacy financial systems through several recent technical initiatives. Earlier this month, the firm launched a stock trading platform that allows users to access both traditional and tokenized equities. This rollout follows Backpack’s participation in a 50-firm industry working group led by the Depository Trust & Clearing Corporation (DTCC) to develop tokenization services for ETFs and Treasuries.
This development follows reports that even major institutions like Morgan Stanley are expanding access to digital asset products, suggesting a wider trend of institutional convergence. The DTCC project is specifically aimed at creating a tokenization service for U.S. equities, which is scheduled for a late 2026 launch.
Dr. Piwowar’s past work as a Senior Economist at the President’s Council of Economic Advisers during the Global Financial Crisis adds a layer of crisis-management experience to the board. His appointment follows that of Nathan Smith as Chief Operating Officer in April and Mark Wetjen as President in March. Together, this leadership group is tasked with steering the exchange through a planned initial public offering (IPO).
IPO roadmap and the equity-linked staking model
The exchange is currently drafting plans for a public listing that includes a unique tokenization component. According to the proposal, Backpack US intends to tie 37.5% of its total exchange token supply to the IPO treasury. The total supply of the token is capped at 1 billion units, creating a direct link between the crypto-asset and the firm’s corporate structure.
Backpack US has also announced an equity-linked staking model for its users. Under this system, token stakers would receive rewards linked to 20% of the firm’s corporate equity. This approach attempts to provide tangible value to token holders, shifting away from the speculative models used by earlier generations of crypto exchanges.
The firm’s “compliance-first” strategy reflects Dr. Piwowar’s own history at the SEC, where he emphasized investor protection. During his tenure, the commission was skeptical of the initial coin offering (ICO) boom and rejected early Bitcoin ETF proposals. However, Dr. Piwowar has maintained that Bitcoin itself should not be considered a security, a stance that aligns with the current push for CFTC oversight in certain areas of the market.
The path toward domestic crypto derivatives
Securing a former SEC chief is a significant move for an exchange that began within the Solana NFT community. Backpack US currently manages over $350 million under custody and operates in 150 regions. The addition of Dr. Piwowar is intended to enhance its competitiveness as it prepares for the competitive U.S. perpetual futures market.
The road to U.S.-regulated perpetuals is fraught with technical and legal hurdles, but Mark Wetjen noted that what was once only available offshore is now on a path to domestic exchanges. The firm believes that Dr. Piwowar’s understanding of the SEC’s approach to market structure will be the deciding factor in navigating this transition.
As the late 2026 target for the DTCC tokenization service approaches, Backpack US appears to be positioning itself as a bridge between two worlds. By combining traditional stock access with crypto perpetuals and a transparent IPO treasury, the platform seeks to move beyond its origins as a Solana wallet into a full-scale regulated financial institution.