On December 8, 2014, the SEC announced that it had filed an administrative proceeding against a computer programmer for “operating two online venues that traded securities using virtual currencies Bitcoin or Litecoin without registering the venues as broker-dealers or stock exchanges.” The programmer, Ethan Burnside, agreed to settle the case by by paying $58,387.07 in disgorgement and prejudgment interest. Burnside also agreed to be barred from the securities industry with the right to reapply after two years.
