Before betting on Polymarket, read this first.
@Backpack
Following the previous
@Backpack valuation analysis, another meaningful value chain has been added to Backpack.
Mark Wetjen has joined as President of Backpack US.
An institutional line that could be favorable to Backpack is taking shape.
Mark Wetjen
He is someone who has moved across derivatives regulation, market infrastructure, and Washington policy networks.
1. In 2011, he was nominated by the Obama administration to serve a five year term as a CFTC Commissioner.
2. After Gary Gensler stepped down, he served as Acting Chairman of the CFTC for five months before resigning in 2015.
cftc.gov/About/Commissionersโฆ
2.1. In 2014, while at the CFTC, he argued for a regulatory framework that would help Bitcoin realize its potential.
wsj.com/articles/cftcs-mark-โฆ
He is basically a crypto OG dinosaur.
3. In 2015, he became Head of Global Public Policy at DTCC and also served as Chairman of one of DTCCโs subsidiaries.
4. In 2021, he became Head of Policy and Regulatory Strategy at FTX US and was a leading adviser in its active lobbying efforts to push crypto legislation forward.
5. After the FTX bankruptcy, In May 2023, he joined a firm called Patomak Global as an advisor.
fia.org/marketvoice/articlesโฆ
6. After that, he returned as President of Backpack US.
But then... what exactly is Patomak Global?
The story of
@SECGov Chairman Paul S. Atkins
1. From 2002 to 2008, Paul Atkins served as an SEC Commissioner, and later founded Patomak Global, a financial services firm specializing in regulatory compliance.
2. Paul Atkins also served as an advisor to FTX in 2021, and Patomak Global was listed as a creditor in the FTX bankruptcy.
Source: Bloomberg(
bloomberg.com/news/articles/โฆ.)
3. In 2024, Paul Atkins blamed the collapse of FTX on excessive regulation by the US government.
4.Then, in December 2024, he was nominated by Trump to become SEC Chairman, and took office in April 2025.
Ultimately, Mark Wetjenโs arrival is not just another senior executive hire.
He can be seen as a key link connecting Backpack US, Patomak, and Paul S. Atkins.
And Paul Atkins, in turn, connects back to Trump.
In other words, this should be viewed not as isolated dots, but as a connected line.
To put it simply, the potentially favorable institutional line surrounding Backpack US can now be read as follows:
๐
@Backpack US
Trump - J D Vance - Can Sun
Mark Wetjen - Paul S. Atkins
Paul S. Atkins - Trump
Polymarket money is still playing a completely different game.