Backpack US Enhances Leadership Team
Backpack US has brought on board the former acting chairman of the U.S. Securities and Exchange Commission (SEC), Dr. Michael S. Piwowar, enhancing its leadership team amid the intensifying regulatory landscape for digital assets in the United States. This appointment was announced by the crypto exchange on Tuesday as it seeks to broaden its offerings to U.S. customers.
Dr. Michael S. Piwowar’s Background
Piwowar, who was a commissioner at the SEC from 2013 to 2018 and served as acting chair for a short period in 2017 during President Donald Trump’s administration, is noted for his previous role in analyzing securities regulations. His addition coincides with a resurgence of interest in establishing clear guidelines around cryptocurrencies within Washington.
In his remarks regarding the appointment, Piwowar recognized the current regulatory climate, suggesting it stands apart from previous periods dealing with digital assets.
While he was at the SEC, he endorsed the view that bitcoin should not be classified as a security, although he also acknowledged the commission’s caution during the initial coin offering (ICO) boom, when the agency alerted investors about potential frauds in the space.
Backpack US’s Evolution and Future Plans
Backpack US originated as a digital wallet in the Solana ecosystem, developed by the creators of the successful NFT collection, Mad Lads. Since then, the company has shifted towards becoming a comprehensive crypto exchange, notably concentrating on regulated access in the U.S. market. This expansion has recently been augmented by the introduction of a stock trading platform that includes traditional and tokenized equities, further diversifying its services.
This move comes on the heels of the Commodity Futures Trading Commission’s (CFTC) recent decision to initiate regulated bitcoin perpetual futures contracts, marking a significant milestone for the crypto regulatory front in the United States. Mark Wetjen, president of Backpack US and former CFTC commissioner, highlighted the importance of Piwowar’s appointment in relation to these evolving policies, expressing optimism about the newly available U.S. pathways for financial products that were previously only accessible offshore.
Going Public and Future Growth
In addition, Backpack US is eyeing the prospect of going public, with intentions to tie a portion of its treasury to 37.5% of its exchange token supply, which totals one billion tokens. Plans include a staking model that rewards users based on 20% of company equity, painting a broader picture of an ambitious growth trajectory for the firm in the competitive landscape of cryptocurrency exchanges.
