For the last decade or so, cryptocurrencies like bitcoin had enjoyed an illicit love affair on Wall Street. I wrote then that there is nothing you can do with bitcoin that you cannot do with dollars, unless you’re a drug dealer who wants payment in the middle of the night. Since then, I have watched, first with amusement and later with horror, as the younger investors demanded more and easier investment opportunities into cryptocurrencies.

Last week, after a sloppy, botched roll-out, the SEC approved nine different ETFs, based on different crypto-currencies. They were under enormous pressure to find a way for younger investors invest in tulips – I mean crypto currencies.

The first “one-thing” I learned about crypto was that dollars could handle any currency needs during normal “duty hours.” The second “one-thing” I learned was that Gary Gensler, who is chairman of the SEC, was forced by popular demand to approve the new ETFs . . . by popular demand. Before the SEC, he taught crypto at MIT and probable knows more than a little about the subject. He said this week that crypto-ETFs are “highly-speculative” and that he had no interest of investing his own money into crypto.

I have never invested a penny of client money into crypto and won’t . . .