Former SEC Acting Chairman Michael Piwowar Joins Backpack US Board of Directors

Odaily reported that Backpack has announced that Dr. Michael S. Piwowar, former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission (SEC), has joined the Board of Directors of Backpack US.

According to public records, Piwowar served as an SEC Commissioner from 2013 to 2018 and was appointed Acting Chairman of the SEC by President Trump. He is considered one of the earliest top-level U.S. regulators involved in discussions on digital asset and ICO regulation. Prior to joining the SEC, he served as Chief Economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, contributing to the drafting of SEC-related provisions in the Dodd-Frank Act and the JOBS Act.

Backpack stated that this appointment comes at a time when the U.S. Commodity Futures Trading Commission (CFTC) has approved the first regulated Bitcoin perpetual contract. The company has previously offered regulated perpetual contract trading services in the European Union and possesses the capability to launch the same product line under the new U.S. framework. Former CFTC Acting Chairman Mark Wetjen serves as President of Backpack US and also participates in the DTCC Tokenization Working Group, continuously advancing the company's compliance strategy in the U.S. market.