There’s a bill in Congress to fire Gensler. At a recent conference, former SEC commissioners were unanimous in opposing Gensler’s handling of crypto.

Op-eds in the financial media have been relentless in criticism of Gensler’s performance, and both investors and advisors have long complained about the lack of these products — which have forced investors seeking to add crypto their portfolios into more expensive, less liquid and more complicated alternative products.

No one — not even Gary Gensler — has been able to explain how the absence of spot bitcoin ETFs has benefited investors. The SEC’s position is also harming U.S. innovation. Major crypto companies are moving overseas, where governments are more favorable to crypto innovation.

Blockworks moved its upcoming Digital Asset Summit from Washington, D.C., to London, citing a more positive regulatory environment. Coinbase is opening offices in Europe and Asia because it’s being stifled in the U.S.

All this is understandable, given the SEC’s refusal to engage in rulemaking. Two House subcommittees, led by French Hill, chair of the Financial Service Committee’s Digital Assets Subcommittee and Dusty Johnson, chair of the Agriculture Committee’s Digital Assets Subcommittee, have asked Gensler to assist in drafting crypto rules, but they’ve gotten no response.

Spot bitcoin ETFs are already available in Canada, Europe, Great Britain and Australia. The longer the SEC waits, the further behind the U.S. falls.

There’s no question that these ETFs will become available — anywhere from next week to next year. And sooner is more likely than later, given that the SEC decided last week not to appeal its loss in the Grayscale case. Now is the time for advisors to learn about this new asset class, so you’re ready to any client questions and can show them how to incorporate crypto into their diversified long-term portfolios.

Ric Edelman is an author and founder of RIA Edelman Financial Engines (earlier Edelman Financial Services). He now leads the Digital Assets Council of Financial Professionals.

Pictured: Ric Edelman