On 5 March 2026, Backpack Exchange has announced a decisive move for its global future: the appointment of Mark Wetjen, former acting chairman of the Commodity Futures Trading Commission (CFTC), as president of Backpack US. This decision marks the official start of the exchange's entry into the US market, a step long awaited by the trading community.
A Compliance-Oriented Leadership
The inclusion of Wetjen is not only a recruitment move, but a clear signal of regulatory credibility. With a background as commissioner and acting chairman of the CFTC, as well as head of global public policy at the DTCC, Wetjen brings with him institutional experience rarely seen in the crypto industry.
Wetjen was one of the first regulators in the US to publicly advocate the need for clear regulatory frameworks and robust market infrastructure for digital assets. His appointment suggests that Backpack intends to pursue a formal layoff strategy, rejecting regulatory shortcuts or the regulatory arbitrage often practiced in the past by other industry players.
Expansion Plans: Offices and Hiring
Backpack CEO Armani Ferrante has confirmed that the arrival of Wetjen officially kicks off the construction of physical offices in the US and the hiring of local staff. According to Ferrante, this milestone represents the culmination of a multi-year journey to finally bring Backpack's services to US users, who have been excluded from the platform until now.
The US expansion is part of the final phase of a three-year international regulatory roadmap. Thanks to the licences already obtained in Europe and the previous acquisition of FTX EU, Backpack enters the US market with a compliance base that few competitors can boast.
The Vision: Blockchain and Traditional Markets
Backpack's entry into the US market comes at a time of transformation for the entire industry. Wetjen joins a growing list of former regulators taking on leadership roles in crypto companies, reflecting a shift in US policies towards more defined regulatory frameworks.
In addition to traditional trading, Backpack stands out by offering on-chain IPO allocations, strategically positioning itself at the intersection of blockchain technology and traditional capital markets. With Wetjen at the helm of the US division, the exchange aims to become the ultimate bridge between the efficiency of decentralised finance and the security of institutional regulation.
