The operator of trading venues for securities that accepted payment for transactions in Bitcoins and Litecoins—virtual currencies—settled charges brought by the Securities and Exchange Commission that the venues did not have required registration as an exchange. According to the SEC, Ethan Burnside and BTC Trading, Corp., his wholly owned company, had established LTC-Global Stock Exchange and BTC Virtual Stock Exchange, and conducted business through these entities as virtual currency-denominated securities exchanges from August 2012 through October 2013. The exchanges were established, according to the SEC, to permit “users ‘to experiment with virtual currency investing by purchasing stock in virtual currency’ and/or ‘start a virtual currency company and issue stock to raise funds’ for that company.” During the relevant time, over 10,000 users opened accounts in aggregate with both trading venues. In addition, Mr. Burnside also settled charges that he offered to buy and sell unregistered shares of two virtual currency companies he owned and operated, and that BTC and he acted as a broker-dealer without registration. In connection with these matters, Mr. Burnside and BTC agreed to a cease-and-desist order and to disgorge profits of US $55,000 and pre-judgment interest. The SEC acknowledged Mr. Burnside’s prompt remedial efforts and cooperation with its staff, noting that “[Mr.] Burnside’s efforts facilitated the staff’s investigation involving an emerging technology.”