Backpack US has appointed Michael S. Piwowar, a former SEC Acting Chairman, to its board as the crypto exchange accelerates efforts to offer perpetual futures contracts in the United States. Piwowar, who was nominated by President Barack Obama and served as an SEC commissioner from 2013 to 2018, brings significant regulatory expertise to the firm. His appointment signals Backpack's strategy of leveraging established regulatory relationships as it navigates the complex US derivatives landscape. Crypto perpetual futures, which allow traders to speculate on asset prices without an expiry date, have largely been unavailable to US customers due to regulatory restrictions. Backpack's move reflects a broader industry trend of exchanges recruiting former regulators to strengthen compliance credibility and accelerate product approvals.
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