Hopes for an XRP exchange-traded fund (ETF) took a pointy blow this week after U.S. Securities and Trade Fee (SEC) Commissioner Caroline Crenshaw solid yet one more dissenting vote towards a crypto ETF proposal. The percentages of XRP ETF approval, as soon as driving excessive, have now fallen considerably as Crenshaw doubles down on her opposition and the complete crypto ETF market feels the strain.
Crenshaw’s Vote Sends XRP ETF Hopes Crashing
The temper across the XRP ETF has shifted dramatically in current days. After months of optimism, particularly following the launch of the ProShares Extremely XRP ETF (UXRP) on NYSE Arca in July 2025, many believed this momentum would assist Ripple safe approval for its personal XRP ETF.
Nonetheless, Crenshaw’s vote shortly modified the tone. The commissioner has voted towards each single crypto exchange-traded merchandise proposal offered to the SEC to date, 13 in complete. These proposals included not solely XRP but additionally Bitcoin and Ethereum merchandise, all of which handed by a 3-1 vote with Crenshaw as the one commissioner voting “no” every time.
XRP had met all of the SEC’s up to date itemizing necessities, together with the important thing rule of sustaining at the least six months of derivatives buying and selling. Nonetheless, Crenshaw’s continued opposition now raises contemporary considerations about the way forward for crypto-related ETFs and whether or not her affect will decelerate and even block future approvals.
Polymarket information exhibits that approval odds for the XRP ETF dropped to 65% shortly after her vote, earlier than climbing barely to 71%. Simply weeks in the past, these odds have been above 90%.
Crenshaw’s Criticism Extends Past Crypto ETFs
Crenshaw’s newest vote is a part of a broader sample that doesn’t cease at crypto ETFs, as she has additionally been extremely vital of the SEC’s method to different areas of crypto regulation, particularly liquid staking and stablecoins. In accordance with her, the SEC’s advisory on liquid staking stacks too many assumptions and fails to offer clear path for market members.
The commissioners’ considerations about stablecoins are even sharper, strongly disagreeing with a current SEC assertion describing USD-pegged stablecoins as “digital {dollars}.” She warned that such marketing-style language may mislead traders in regards to the precise dangers. In her view, the SEC is failing to supply fact-based, legally sound guidelines for this fast-moving a part of the market.
Her agency opposition has now grow to be a roadblock for Ripple’s push to get an XRP ETF permitted. Whereas XRP could have checked all of the technical bins, Crenshaw’s vote exhibits that politics and private viewpoints nonetheless play a big position within the last resolution. For now, Ripple and others within the crypto area await and watch, not sure how the SEC will transfer ahead.
Because the regulatory physique continues to vote on new crypto merchandise, Crenshaw’s stance provides uncertainty to XRP’s trajectory, as her vote as the one democrat presently serving on the SEC has grow to be a key consider shaping what comes subsequent for crypto ETFs.
Featured picture from Unsplash, chart from TradingView.com
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