Even though the U.S. Securities and Exchange Commission has now approved the first wave of spot Bitcoin (BTC-USD) exchange traded funds, SEC Chair Gary Gensler repeated his concerns about the cryptocurrency space in general.

In an interview with CNBC, Gensler referred to Bitcoin (BTC-USD) as a “highly speculative” and “volatile” asset that is geared more towards illicit activities then what it claims to be as used for: store value, and everyday payment activities.

"Are we buying cups of coffee with it? Not really," Gensler said. "Investors I think, should be aware that this, the underlying asset is a highly speculative, volatile asset. And amongst its use cases is really, for illicit activity. Money Laundering and sanctions and ransomware and the like."

Bitcoin (BTC-USD) price action: On Thursday the crypto asset trades near the 45,825 level and is lower by 1.1%. Additionally, since the approval of the first spot Bitcoin exchange traded funds the cryptocurrency has moved down by 1.9%.

Listed below are the Bitcoin (BTC-USD) exchange traded funds that were approved by the U.S. Securities and Exchange Commission:

• Grayscale Bitcoin Trust (NYSEARCA:GBTC)
• iShares Bitcoin Trust (NASDAQ:IBIT)
• Valkyrie Bitcoin Fund (BRRR)
• Ark 21Shares Bitcoin Trust (BATS:ARKB)
• Invesco Galaxy Bitcoin ETF (BTCO)
• VanEck Bitcoin Trust (HODL)
• WisdomTree Bitcoin Trust (BTCW)
• Fidelity Wise Origin Bitcoin Trust (FBTC)
• Bitwise Bitcoin ETF (BITB)
• Franklin Bitcoin ETF (EZBC)