The U.S. has the authority to crack down on exchange tokens, and the following agencies are responsible for this: - Department of Justice (DOJ) - Financial Crimes Enforcement Network (FinCEN) - Securities and Exchange Commission (SEC) - Commodity Futures Trading Commission (CFTC) Backpack, the exchange from Shandong, has clearly taken this to heart by aggressively recruiting talent from these very agencies: - Former CFTC Acting Chair Mark Wetjen was hired as President of Backpack U.S. - Former SEC Acting Chair Michael Piwowar joined Backpack US’s Board of Directors - Additionally, Backpack has become a member of the DTCC working group When those with the authority to define compliance go underground and pretend to be the ones needing to be defined, non-compliance becomes impossible.
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