Backpack US appoints former SEC acting chair to board

The cryptocurrency exchange Backpack US has appointed former Securities and Exchange Commission acting chairman Michael S. Piwowar to its board of directors, the company announced on Tuesday, June 9, 2026. The move is part of a deliberate strategy to bolster its regulatory expertise as it prepares to expand its product offerings in the United States, particularly in the newly emerging market for regulated perpetual futures.

Piwowar served as an SEC commissioner from 2013 to 2018 and briefly held the role of acting chairman in 2017. In a statement, Piwowar said the current moment differs from prior cycles due to growing momentum toward regulatory clarity and durable market infrastructure for digital assets. His appointment follows Backpack US's earlier hiring of Mark Wetjen, a former commissioner and acting chairman of the Commodity Futures Trading Commission, as its president. The back-to-back appointments give the exchange leadership with senior experience from both of the nation's primary financial market regulators.

The timing of the board addition coincides with a significant regulatory development. In late May 2026, the CFTC approved Kalshi to offer the first regulated...