SEC’s Crenshaw Says No to XRP ETF

In a surprising move that has stirred the crypto community, U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw has voted against the approval of an XRP exchange-traded fund (ETF), becoming the sole dissenting voice among 13 commissioners

According to a post by crypto commentator Xaif on X, Crenshaw’s rejection of the XRP ETF adds to a growing list of ETF proposals she has opposed, raising concern that her stance may be driven by something more than regulatory caution.

The Lone Dissent

Recent SEC filings and public statements confirm Crenshaw’s consistent opposition to cryptocurrency ETFs across the board. Out of 13 crypto ETF-related votes—covering Bitcoin, Ethereum, in-kind redemption structures, and now XRP—Crenshaw was the only commissioner to vote “no” each time

Her latest rejection of the XRP ETF proposal, despite XRP meeting all technical requirements, including a six-month derivatives history, has unsettled both investors and industry observers.

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-6a57f7be-8f6e-4deb-ae2c-5477f86653a5"]{width:320px;height:100px;} } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-6a57f7be-8f6e-4deb-ae2c-5477f86653a5"]{width:728px;height:90px;} }

The XRP ETF proposal gained significant momentum following the successful listing of ProShares’ Ultra XRP ETF (UXRP) on NYSE Arca in July. Market confidence soared, with platforms like Polymarket showing approval odds as high as 90%. But following Crenshaw’s dissent, those odds have dropped to around 65%, casting fresh doubt on the token’s ETF future.

A Pattern of Opposition

Crenshaw’s position appears increasingly isolated within the SEC itself. Bloomberg analyst Eric Balchunas has noted that XRP now ticks all the boxes needed for ETF consideration, similar to earlier Bitcoin and Ethereum products that received approval. Yet Crenshaw remains skeptical, continuing to express concerns that crypto ETFs could mislead investors or undermine financial stability.

Her skepticism isn’t limited to XRP. In past months, she has pushed back against SEC guidance on liquid staking and USD-pegged stablecoins, arguing that such rules lack legal grounding and blur investor protections. Her criticism of the SEC’s Ripple settlement earlier this year further reinforced her hardline approach, calling the agreement weak and insufficient in holding crypto actors accountable.

In a May address, Crenshaw voiced frustration at what she described as the SEC’s inconsistent stance—treating crypto assets as securities in some contexts while exempting them in others. At the “SEC Speaks” conference, she warned that the agency was engaging in a “regulatory Jenga,” dismantling long-established protections and exposing markets to heightened risk.

What This Means for XRP and the Industry

While Crenshaw insists her dissent is based on procedural integrity and investor safety, many in the crypto community now interpret her repeated “no” votes—particularly against XRP—as ideological opposition rather than objective oversight. Xaif and other observers suggest that her stance increasingly feels like a personal vendetta rather than policy-driven prudence.

As the SEC continues to navigate the complex terrain of digital assets, Crenshaw’s resistance remains a major obstacle. Whether it stems from genuine concern or deeper bias, her dissent is reshaping expectations around XRP’s path to ETF approval and reinforcing the broader challenge crypto faces in achieving regulatory acceptance.

Disclaimer***:*** This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.