Hopes for an XRP exchange-traded fund (ETF) took a sharp blow this week after U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw cast yet another dissenting vote against a crypto ETF proposal. The odds of XRP ETF approval, once riding high, have now fallen significantly as Crenshaw doubles down on her opposition and the entire crypto ETF market feels the pressure.
Crenshaw’s Vote Sends XRP ETF Hopes Crashing
The mood around the XRP ETF has shifted dramatically in recent days. After months of optimism, especially following the launch of the ProShares Ultra XRP ETF (UXRP) on NYSE Arca in July 2025, many believed this momentum would help Ripple secure approval for its own XRP ETF.
However, Crenshaw’s vote quickly changed the tone. The commissioner has voted against every single crypto exchange-traded products proposal presented to the SEC so far, 13 in total. These proposals included not only XRP but also Bitcoin and Ethereum products, all of which passed by a 3-1 vote with Crenshaw as the only commissioner voting “no” each time.
XRP had met all the SEC’s updated listing requirements, including the key rule of maintaining at least six months of derivatives trading. However, Crenshaw’s continued opposition now raises fresh concerns about the future of crypto-related ETFs and whether her influence will slow down or even block future approvals.
Polymarket data shows that approval odds for the XRP ETF dropped to 65% shortly after her vote, before climbing slightly to 71%. Just weeks ago, those odds were above 90%.
Crenshaw’s Criticism Extends Beyond Crypto ETFs
Crenshaw’s latest vote is part of a broader pattern that doesn’t stop at crypto ETFs, as she has also been highly critical of the SEC’s approach to other areas of crypto regulation, especially liquid staking and stablecoins. According to her, the SEC’s advisory on liquid staking stacks too many assumptions and fails to provide clear direction for market participants.
The commissioners’ concerns about stablecoins are even sharper, strongly disagreeing with a recent SEC statement describing USD-pegged stablecoins as “digital dollars.” She warned that such marketing-style language could mislead investors about the actual risks. In her view, the SEC is failing to offer fact-based, legally sound rules for this fast-moving part of the market.
Her firm opposition has now become a roadblock for Ripple’s push to get an XRP ETF approved. While XRP may have checked all the technical boxes, Crenshaw’s vote shows that politics and personal viewpoints still play a significant role in the final decision. For now, Ripple and others in the crypto space await and watch, unsure how the SEC will move forward.
As the regulatory body continues to vote on new crypto products, Crenshaw’s stance adds uncertainty to XRP’s trajectory, as her vote as the only democrat currently serving on the SEC has become a key factor in shaping what comes next for crypto ETFs.
