Former Commodity Futures Trading Commission Chair Rostin Behnam and Chief Legal, Compliance and Corporate Affairs Officer at Robinhood Markets Dan Gallagher have joined the Financial Industry Regulatory Authority’s Board of Governors, where they will help shape the organization’s future rules and policies.
FINRA, the self-regulatory organization that oversees brokerage firms, announced four new members on Tuesday. Heather Traeger, the chief compliance officer of Teacher Retirement System of Texas, and Tim Carter, CFO of Piper Sandler Companies, were also named as governors.
“Their deep expertise and diverse perspectives will be invaluable as we continue to adapt our regulatory approach to meet the evolving needs of investors and the markets,” FINRA CEO Robert Cook said in a statement. “These appointments strengthen our Board’s ability to provide strategic oversight and guidance in an increasingly complex financial landscape.”
Behnam and Gallagher are well-known figures in the crypto policy arena. Gallagher, Robinhood’s most senior legal executive, was included in 2024 on a list of potential candidates to lead the U.S. Securities and Exchange Commission and previously served as an SEC commissioner. Gallagher was critical of the Biden administration’s approach to crypto and the SEC’s feckless attempts to get industry participants to “come in and register.”
Behnam served as acting chair and then chair of the CFTC from 2021 until early 2025. During his tenure leading the agency, he urged Congress to address the lack of crypto regulation on the federal level and also brought enforcement actions against major players in the digital asset industry, including now-bankrupt exchange FTX.
FINRA, overseen by the SEC, has 22 members on its board of governors who are appointed or elected for three-year terms.
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