Backpack US named Dr. Michael S. Piwowar to its board of directors on June 9, 20261. He is a former SEC commissioner and acting chairman. The appointment came days after the Commodity Futures Trading Commission approved the first regulated bitcoin perpetual futures contract in the United States, the release said. Piwowar served as SEC commissioner from 2013 to 2018 after President Obama appointed him, crypto.news reported2. President Trump later named him acting chairman.
Three leadership moves at Backpack on the record since 2024
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| March 21, 2024 | Sleafer became CFO. Oliver Sleafer was named Chief Financial Officer of Backpack |
| June 9, 2026 | Piwowar joined the board. Michael Piwowar joined the board of Backpack |
| Sept. 2, 2026 | Samani joined the board. Kyle Samani joined the board of Backpack |
29 board appointments on the record in 2026, the most of any year
Board appointments CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2026: 29
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 3 |
| 2020 | 10 |
| 2021 | 10 |
| 2022 | 4 |
| 2023 | 4 |
| 2024 | 6 |
| 2025 | 20 |
| 2026 | 29 |
The move
Piwowar framed his new board seat around a shift he said was underway in Washington. “The U.S. regulatory landscape for digital assets is entering a new phase, with increasing focus on bringing innovation into established financial market structures through clear rules and effective oversight,” Piwowar said1. Mark Wetjen, president of Backpack US and a former CFTC acting chairman and commissioner, tied the appointment to the same regulatory moment. “The CFTC's approval of bitcoin perpetuals last week is a defining moment for this market. What was once only available offshore is now on a path to U.S.-regulated exchanges, and the coordinated approach between the CFTC and the SEC underscores just how much the policy environment has evolved,” Wetjen said.
Backpack US before and after
Piwowar runs Georgetown University's Psaros Center for Financial Markets and Policy as executive director, the release said1. He earlier served as executive vice president of finance at the Milken Institute. Before the SEC, he worked as chief economist for the Senate Banking Committee. There, he helped write the SEC-related sections of the Dodd-Frank Act and the JOBS Act, the release said. His appointment followed a string of hires at Backpack's U.S. arm. Backpack named Wetjen president of Backpack US in March 2026. It appointed Nathan Smith chief operating officer in April 2026, then joined a DTCC working group on equity tokenization in May 2026, the release said.
What to watch
Backpack's next moves in U.S. perpetual futures trading will show whether Piwowar's board seat leads to product approvals. In the European Union, Backpack already runs regulated perpetual futures, the release said1. Backpack said it stood ready to bring that product line to American users under the emerging U.S. framework. crypto.news reported that Backpack had unveiled a stock trading platform for tokenized equities earlier in June 2026, a product line that touches Piwowar's securities background directly2.
Sources
- "Former SEC Commissioner Dr. Michael S. Piwowar Appointed to Backpack US's Board of Directors," PR Newswire (Backpack Exchange), June 9, 2026, https://www.prnewswire.com/news-releases/former-sec-commissioner-dr-michael-s-piwowar-appointed-to-backpack-uss-board-of-directors-302795224.html
- Irene Mukiri, "Backpack US names former SEC acting chair Michael Piwowar to board," crypto.news, June 9, 2026, https://crypto.news/backpack-us-names-former-sec-acting-chair-michael-piw/