Hopes for an XRP ETF (exchange-traded fund) took a hit after SEC Commissioner Caroline Crenshaw voted against another crypto ETF proposal. This significantly lowers the chances of XRP getting ETF approval.
Crenshaw’s Vote: A Major Setback
The mood around XRP ETFs has soured. After the launch of the ProShares Ultra XRP ETF in July 2025, many thought Ripple’s own XRP ETF approval was a sure thing. But Crenshaw’s vote changed everything.
She’s voted against every crypto ETF proposal so far – 13 in total, including Bitcoin and Ethereum. It’s always a 3-1 vote, with her being the lone “no” vote. Even though XRP met all the SEC’s requirements (including six months of derivatives trading), her opposition is a major concern.
After her vote, the odds of XRP ETF approval dropped from over 90% to around 71% (briefly dipping to 65%).
Beyond Crypto ETFs: Crenshaw’s Broader Concerns
Crenshaw’s opposition isn’t limited to crypto ETFs. She’s also criticized the SEC’s approach to:
- Liquid staking:
She thinks the SEC’s guidance is too vague. - Stablecoins: She strongly disagrees with the SEC calling USD-pegged stablecoins “digital dollars,” warning this could mislead investors.
She believes the SEC isn’t providing clear, fact-based rules for the fast-changing crypto market.
Ripple’s Uncertain Future
Crenshaw’s vote highlights how personal opinions can influence decisions, even if XRP meets all technical requirements. Ripple and others are now waiting to see what the SEC does next. With Crenshaw’s consistent opposition, the future of XRP ETFs – and other crypto ETFs – remains uncertain. Her position as the only Democrat on the SEC makes her vote particularly impactful.