SEC Commissioner Caroline Crenshaw voted against the XRP ETF approval, becoming the sole dissenting voice among 13 commissioners. This move has sparked discussions in the crypto community about her potential motivations.
The Lone Dissent
Recent SEC filings and public statements confirm Crenshaw's consistent opposition to cryptocurrency ETFs. She was the only commissioner to vote "no" on 13 crypto ETF-related proposals, including Bitcoin, Ethereum, and now XRP, raising concerns that her stance may stem from more than just regulatory caution.
A Pattern of Opposition
Crenshaw's position appears increasingly isolated within the SEC. Analysts note that XRP meets all the criteria for ETF consideration, but she remains skeptical. Previously, she has also opposed SEC guidance on liquid staking and USD-pegged stablecoins, arguing that such regulations lack legal grounding and obscure investor protections.
What This Means for XRP and the Industry
While Crenshaw claims that her dissent is based on procedural integrity and investor safety, many in the crypto community are interpreting her repeated "no" votes—particularly against XRP—as ideological opposition. Crenshaw's resistance remains a significant barrier to achieving regulatory approval for XRP and exacerbates broader challenges the industry faces in gaining regulatory acceptance.
Crenshaw's rejection of the XRP ETF has underscored her opposition to many aspects of cryptocurrencies, posing challenges for investors and the crypto market as a whole seeking greater regulatory clarity.
