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Promote with Leviathan NewsFTX and Binance already showed how fragile stock tokens get when the product depends on offshore wrapper logic; Backpack is taking the harder route through broker-dealer/DTC rails and the new CFTC perps path. Piwowar plus Mark Wetjen gives them SEC and CFTC market-structure coverage, which matters if tokenized equities are meant to become collateral inside the same risk engine as regulated crypto derivatives. That is where the product gets dangerous in a good way: 24/7 stock exposure, stablecoin funding, and perps margin stop being separate tabs and start competing with the prime-broker stack.
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