Backpack US appoints former SEC Acting Chairman Piwowar to board amid push for crypto perps
Michael S. Piwowar was appointed by President Barack Obama and served as an SEC commissioner from 2013 to 2018.
Backpack US has appointed Michael S. Piwowar, former SEC Acting Chairman, to its board of directors as the crypto exchange platform advances its push into perpetual futures trading. The strategic hire comes as Backpack seeks to expand its derivatives offerings in the competitive US cryptocurrency market.
Piwowar brings significant regulatory expertise to the role, having served as an SEC commissioner from 2013 to 2018 after being appointed by President Barack Obama. During his tenure at the Securities and Exchange Commission, he briefly served as Acting Chairman and was known for his market-oriented approach to financial regulation. His appointment signals Backpack's commitment to navigating the complex regulatory landscape surrounding crypto derivatives products.
The addition of Piwowar to Backpack's board reflects the growing importance of regulatory compliance in the cryptocurrency exchange sector, particularly for platforms seeking to offer sophisticated trading products like perpetual futures. His experience could prove valuable as Backpack competes with established players in the crypto derivatives space while ensuring adherence to evolving US regulatory frameworks. The move also highlights how crypto companies are increasingly recruiting traditional finance veterans to bolster their credibility with regulators.
Industry observers will be watching how Piwowar's regulatory insights influence Backpack's product development strategy and whether his presence helps accelerate the platform's perpetual futures launch timeline.
Source: The Block
