Backpack US has recruited former SEC Chairman Michael S. Piwowar to its board.
Piwowar served as an SEC Commissioner from 2013 to 2018 and held the role of acting SEC Chairman in 2017 during Trump's first term. This appointment comes as Backpack is ramping up its expansion in the US, particularly in the digital asset, equity, and regulated trading infrastructure sectors.
Notably, Backpack US previously brought in Mark Wetjen, former acting CFTC Chairman, as President to lead their expansion strategy in the US. This indicates that Backpack is not just hiring 'big names', but is building a legal framework akin to Wall Street: SEC for securities, CFTC for derivatives, and then integrating into the crypto exchange.
In short: Backpack is heading towards a 'core legalization' approach. It's no longer about a crypto exchange trying to dodge regulations to grow quickly. This is a new model: bringing former regulatory officials to the executive table, building products under the umbrella of US legal frameworks, and turning compliance into a competitive advantage.
Piwowar served as an SEC Commissioner from 2013 to 2018 and held the role of acting SEC Chairman in 2017 during Trump's first term. This appointment comes as Backpack is ramping up its expansion in the US, particularly in the digital asset, equity, and regulated trading infrastructure sectors.
Notably, Backpack US previously brought in Mark Wetjen, former acting CFTC Chairman, as President to lead their expansion strategy in the US. This indicates that Backpack is not just hiring 'big names', but is building a legal framework akin to Wall Street: SEC for securities, CFTC for derivatives, and then integrating into the crypto exchange.
In short: Backpack is heading towards a 'core legalization' approach. It's no longer about a crypto exchange trying to dodge regulations to grow quickly. This is a new model: bringing former regulatory officials to the executive table, building products under the umbrella of US legal frameworks, and turning compliance into a competitive advantage.