Former SEC Commissioner Dr. Michael S. Piwowar Appointed to Backpack US's Board of Directors

Securities and capital markets veteran joins Backpack US's board as the company accelerates its U.S. expansion and regulated derivatives strategy

SAN FRANCISCO, June 9, 2026 /PRNewswire/ -- Backpack US today announced the appointment of Dr. Michael S. Piwowar to its Board of Directors. A former U.S. SEC Commissioner and Acting Chairman, Piwowar brings deep expertise in securities regulation, capital markets policy, and market microstructure to Backpack US's board as the company accelerates its push into the United States market.

Piwowar currently serves as Executive Director of Georgetown University's Psaros Center for Financial Markets and Policy. Previously, he served as Executive Vice President of Finance at the Milken Institute. He was appointed by President Obama and served as SEC Commissioner from 2013 to 2018, and was later designated Acting Chairman by President Trump. During his tenure, he was among the first senior U.S. regulators to engage publicly with the regulatory questions posed by digital assets and initial coin offerings, advocating for frameworks that would allow capital formation to evolve without stifling innovation or weakening investor protections. Prior to the SEC, he served as Chief Economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he was the lead economist on the SEC-related titles of the Dodd-Frank Act and the JOBS Act. He has also served as Senior Economist at the President's Council of Economic Advisers during the Global Financial Crisis.

"The U.S. regulatory landscape for digital assets is entering a new phase, with increasing focus on bringing innovation into established financial market structures through clear rules and effective oversight," said Dr. Piwowar. "What makes this moment different from prior cycles is the growing momentum toward regulatory clarity and durable market infrastructure. Backpack has taken a compliance-first approach from the beginning, prioritizing market integrity and investor protections while continuing to innovate. I look forward to supporting the team as it expands in the United States and helps build regulated financial infrastructure that bridges digital assets and traditional capital markets."

Piwowar's appointment is the latest in a series of moves marking Backpack's accelerating U.S. expansion. In March, Backpack named Mark Wetjen, former CFTC Commissioner, Acting Chairman, and Head of Global Public Policy at the Depository Trust & Clearing Corporation (DTCC), as President of Backpack US. In April, the company appointed Nathan Smith as Chief Operating Officer. In May, Backpack joined DTCC's 50+ firm Industry Working Group to help develop a tokenization service for U.S. equities, ETFs, and Treasuries ahead of its late 2026 launch, cementing Backpack's position at the intersection of traditional finance and on-chain markets.

The announcement comes days after the Commodity Futures Trading Commission (CFTC) took historic action to approve the first regulated bitcoin perpetual futures contract in the United States, a milestone for a product that offshore venues have historically dominated. The CFTC's approval of perpetual-futures products, along with related guidance issued in coordination with the SEC, signals a new era for U.S. crypto derivatives regulation. Backpack, which already offers regulated perpetual futures trading in the European Union, is positioned to bring that product suite to American users under the emerging U.S. framework.

"The CFTC's approval of bitcoin perpetuals last week is a defining moment for this market. What was once only available offshore is now on a path to U.S.-regulated exchanges, and the coordinated approach between the CFTC and the SEC underscores just how much the policy environment has evolved,' said Mark Wetjen, President of Backpack US and former CFTC Acting Chairman and Commissioner. "We possess the infrastructure and now the board-level expertise to be a serious participant in the U.S. market. Mike's knowledge of how the SEC approaches market structure and securities oversight will be invaluable as we develop products that operate at the intersection of commodity and securities law."

About Backpack Exchange

Backpack Exchange is a fully regulated global cryptocurrency exchange building an innovative, easy-to-use, and compliant trading platform for both experienced and new web3 users worldwide. Backpack currently serves users from over 150 countries and regions with more than $447 billion in trading volume.

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