Gary Goldsholle

Gary Goldsholle

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Gary Goldsholle, the former Deputy Director of the Securities and Exchange Commission’s (SEC) Division of Trading and Markets, advises clients on legal, regulatory and policy issues across the financial services industry, including the equities, fixed income, and derivatives markets, as well as the emerging cryptocurrency markets. He brings more than two decades of experience as an executive in the federal government and securities self-regulatory organizations (SRO), with leadership and substantive knowledge from the SEC, the Municipal Securities Rulemaking Board (MSRB), the Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC).

As Deputy Director of the SEC’s Division of Trading and Markets, he oversaw the Office of Market Supervision, Office of Clearance and Settlement, and Office of Chief Counsel. Collectively, these offices cover nearly all aspects of the securities markets, beginning with broker-dealer registration and sales practices, to order routing and execution, to clearance and settlement. As Deputy Director, Gary had broad responsibility for many of the market-facing activities of the SEC, including rulemaking, review of SRO rule filings from national securities exchanges and clearing agencies, as well as interpreting rules related to the securities markets. His tenure encompassed equity market structure initiatives, rulemakings in support of a new regulatory regime for security-based swaps, and significant changes in the SEC’s regulation of clearing agencies. Gary also participated in and supervised staff representing the SEC in various international standard setting bodies. He also counseled the SEC’s examination staff and the Division of Enforcement on matters arising under his offices’ purview.

During his tenure at the SEC, Gary was at the forefront of the agency’s response to the emerging cryptocurrency markets. He was a member of the SEC’s Fintech Working Group, participated in the SEC’s orders pertaining to cryptocurrency trading platforms and bitcoin exchange-traded funds (ETFs), and worked with the major trading venues and issuers seeking to offer digital asset securities through the issuance of initial coin offerings.

Prior to joining the SEC, Gary served as General Counsel of the MSRB, where he oversaw all legal activities including market regulation, professional qualifications, enforcement support, and corporate governance. At the MSRB, he led the development of the new regulatory regime for municipal advisors, including rules dealing with fiduciary duties and standards of conduct, political contributions (pay-to-play), supervision and registration requirements. Gary also spent over 15 years at FINRA, where he rose to the position of Vice President and Associate General Counsel and was responsible for regulatory policy and rule development, with particular emphasis on corporate finance, derivatives, banking and sales practices. He began his legal career as an associate at Steptoe, where he worked until joining the CFTC’s Division of Trading and Markets.

He received his Juris Doctorate from the University of Chicago Law School and his bachelor of science, cum laude, from Duke University.