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

Backpack US has appointed former SEC acting chairman Michael Piwowar to its board of directors, adding senior regulatory experience to the crypto exchange’s leadership. The move follows Backpack US’s earlier hire of former CFTC acting chairman Mark Wetjen as president, signaling a broader strategy to strengthen compliance credentials as it expands in the U.S. The article frames the appointment as a trust-building step for regulators and institutional counterparties rather than a direct market catalyst. It highlights a growing industry trend: crypto firms recruiting former top U.S. regulators to help navigate SEC/CFTC oversight, potential enforcement actions, and future rulemaking. While no financial terms or trading impacts are disclosed, the development may be viewed positively for Backpack US’s regulatory positioning and legitimacy in the digital asset sector.