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

TechFlow News, June 09: Backpack announced that Dr. Michael S. Piwowar, former U.S. Securities and Exchange Commission (SEC) Commissioner and Acting Chairman, has joined the Backpack US Board of Directors.

Public records indicate that Piwowar served as an SEC Commissioner from 2013 to 2018 and was appointed Acting Chairman of the SEC by President Trump. He is among the earliest senior U.S. regulators to engage in discussions on digital asset and initial coin offering (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 development of SEC-related provisions within both the Dodd-Frank Act and the JOBS Act.

Backpack stated that this appointment coincides with the U.S. Commodity Futures Trading Commission’s (CFTC) approval of the first regulated bitcoin perpetual futures contract. The company previously launched regulated perpetual futures trading services in the European Union and possesses the capability to deploy the same product line under the new U.S. regulatory framework. Mark Wetjen, former Acting Chairman of the CFTC, serves as President of Backpack US and also participates in the DTCC Tokenization Working Group, further advancing the company’s compliant expansion into the U.S. market.