Bitcoin, the virtual currency, has been controversial in part because of the anonymity it allows users. (Benoit Tessier/Reuters)The Securities and Exchange Commission rejected an application on Friday that would have opened the door for the first exchange-traded fund for the virtual currency bitcoin. The commission said it rejected the application because the bitcoin exchanges that are now used to buy and sell the virtual currency are not regulated. The virtual currency, which was created in 2010, has had a checkered past in part because of the anonymity it allows users. The rejection may put a damper on other efforts to make the virtual currency widely available to investors through ETFs.

Source: Washington Post March 10, 2017 23:34 UTC