Backpack U.S. appoints former SEC acting chairman to board amid perps expansion push

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Backpack US appoints SEC chair

Highlights

Backpack U.S. added former SEC acting chairman Michael Piwowar to its board as it targets regulated growth in the U.S. digital asset market.
Backpack announced plans to expand its U.S. perps trading following the CFTC's approval for Kalshi to offer the first regulated bitcoin perpetual futures contract.
The company prepares for a potential IPO with a treasury backed by 37.5% of its 1 billion tokens and an equity-linked staking model rewarding stakers 20% of corporate equity.

Board appointment supports product expansion

As announced by Backpack U.S. on Tuesday, Piwowar joins the board as the company seeks to position itself for a more structured U.S. digital-asset market. In a statement, he said the regulatory landscape for digital assets is entering a new phase, with greater focus on bringing innovation into established financial market structures through clearer rules and more effective oversight.

Piwowar served as an SEC commissioner from 2013 to 2018 after being appointed by President Barack Obama. He also briefly served as acting chairman in 2017 during President Donald Trump's first term, between Mary Jo White and Jay Clayton.

His record includes a cautious stance during the initial coin offering boom, when the SEC warned about crypto scams and stressed investor protection. During his four-month stint as acting chairman in 2017, the agency rejected the Winklevoss twins' proposal for a bitcoin exchange-traded fund, an application first filed four years earlier.

U.S. crypto derivatives and listing ambitions

Backpack is widening its U.S. product lineup as it pursues further growth beyond its origins as a Solana-based wallet built by the team behind the Mad Lads NFT collection. Earlier in June, the company unveiled a stock trading platform that will offer access to both traditional and tokenized equities.

In Tuesday's announcement, Backpack also said it plans to expand its perps trading offering in the U.S. after the Commodity Futures Trading Commission allowed Kalshi to offer the first regulated bitcoin perpetual futures contract. Backpack currently offers regulated perps trading in the EU.

Backpack U.S. President Mark Wetjen said the CFTC's approval of bitcoin perpetuals marks a defining moment for the market because products previously available only offshore are moving onto a path toward U.S.-regulated exchanges. Wetjen previously served as a commissioner and acting chairman of the CFTC.

The company has also signaled plans to go public, including a proposed post-IPO treasury backed by 37.5% of its total 1 billion exchange token supply and an equity-linked staking model that would reward stakers with 20% of its corporate equity. Launched in 2023, Backpack last raised capital in a $17 million Series A round in 2024 led by Placeholder VC, with support from Robot Ventures, Wintermute and Selini.

Our earlier coverage of SpaceX’s Nasdaq IPO and potential fast-track MSCI index inclusion explained how the unusually small free float could still meet index thresholds, potentially triggering sizable passive-fund buying soon after listing. We also noted the risk that a lofty valuation and post-debut volatility could lead to a pullback, making investor positioning more cautious around the initial surge.

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