(October 22, 2018, Washington, DC) — Steptoe & Johnson LLP is pleased to announce that Gary Goldsholle, who served nearly four years as deputy director and senior adviser of the Securities and Exchange Commission’s (SEC) Division of Trading and Markets, has joined the firm as a partner. Based in Steptoe’s Washington office, Goldsholle will work with Steptoe’s Financial Services, Public Policy, and Blockchain and Cryptocurrency practices.
Goldsholle brings more than two decades of experience as an executive in the federal government and securities self-regulatory organizations (SRO) with legal, policy, and regulatory knowledge across equities, fixed income and derivatives markets. 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. In this position, Goldsholle 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. Goldsholle participated and supervised staff representing the SEC in various international standard setting bodies. He and his team 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 as senior adviser, Goldsholle served 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.
In welcoming Goldsholle back to Steptoe, firm Chair Phil West commented: “Since departing Steptoe 23 years ago, Gary has been directly involved in regulation of the financial markets from the perspective of nearly every regulatory and self-regulatory organization. Most recently, in his senior role at the SEC, Gary has been involved in critical regulatory issues affecting the capital markets and the clearance and settlement process. Gary has also been at the forefront of developing a regulatory framework for cryptocurrency and fintech and is considered one of the SEC’s leading authorities on the regulatory challenges facing the cryptocurrency and other digital asset markets. Gary will help us meet existing needs in our Financial Services practice and expand our rapidly growing Blockchain and Cryptocurrency practice.”
In a press release announcing Goldsholle’s departure from the SEC, Chair Jay Clayton stated: “Gary’s leadership in the Division of Trading and Markets and his commitment to the SEC’s mission have served the interests of our markets and investors. I am grateful for Gary’s thoughtful, cooperative, and practical approach toward addressing market issues with fellow colleagues.”
Prior to joining the SEC, Goldsholle was general counsel of the Municipal Securities Rulemaking Board, where he oversaw all legal activities, including market regulation, professional qualifications, enforcement support and corporate governance. Previously, Goldsholle spent 15 years at the Financial Industry Regulatory Authority (formerly NASD), where he rose to the level of vice president and associate general counsel and was responsible for regulatory policy and rule development. Earlier, Goldsholle began his career in public service in the chief counsel’s office in Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC). He commenced his legal career as a Steptoe associate.
Micah Green, head of the firm’s Financial Services practice, commented: “Gary has been interacting directly with C-level executives, general counsels, boards of directors and commissioners for more than a decade and is known and respected throughout the financial services community for his intellect, integrity and creativity. At Steptoe, he brings value to clients in broker-dealer and trading platform registration, developing compliance policies and programs, responding to regulatory inquiries, and advising on regulatory implications when expanding into new businesses and adapting new technologies.”
Goldsholle added: “I am delighted to be returning to my roots at Steptoe. The firm provides me with the perfect platform of resources and opportunity to develop a financial services regulatory practice that focuses on both traditional and emerging areas, compliance, enforcement and regulatory policy. And as a long time technology enthusiast, extending back to my undergraduate degree in computer science, I am particularly energized by the opportunity to participate in and grow the firm’s Blockchain and Cryptocurrency practice. I am excited about the prospects of being able to apply my decades of regulatory experience and insights to help clients address the ever more complicated regulatory environment facing legacy financial market participants as well as technology-based new entrants.”
Steptoe’s multidisciplinary Financial Services practice provides a comprehensive approach for addressing the interplay of legislative, regulatory, compliance, investigations, and enforcement challenges created by the implementation of the Dodd-Frank Act and other financial regulations. The Steptoe team includes former regulators, former senior legislative and regulatory staff, skilled legislative advocates, financial industry thought leaders, and seasoned litigators with decades of experience working in and with the legislative, executive, and judicial branches of government.
Steptoe’s Blockchain and Cryptocurrency practice helps clients develop and implement blockchain strategies and navigate the complex legal and regulatory environment surrounding cryptocurrencies and crypto-assets in the United States and across the globe. The group includes former high-ranking officials from the Department of Justice, the Department of Homeland Security, the Internal Revenue Service, Treasury Department, the CFTC, and the SEC with extensive knowledge in cryptocurrency and blockchain technology matters.
Goldsholle earned his B.S., cum laude, from Duke University and a general course certificate from the London School of Economics and Political Science. He received his J.D. from the University of Chicago, where he was awarded a Ford Foundation Fellowship in International Law.
In more than 100 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and other professional staff across offices in Beijing, Brussels, Chicago, London, Los Angeles, New York, Phoenix, San Francisco, and Washington. For more information, visit www.steptoe.com.