As of today, the U.S. Securities and Exchange Commission (SEC) has held 13 internal votes on various cryptocurrency exchange-traded products (ETPs). These votes included updates on IBIT, BITB, GBTC, Bitwise's BTC and ETH funds, and in-kind redemption protocols. All votes were approved by a 3 to 1 margin, with the only dissenting voice coming from SEC Commissioner Caroline Crenshaw.
Crenshaw, the only Democrat currently on the Commission, has consistently opposed the growing wave of cryptocurrency ETF approvals. According to journalist Eleanor Terrett, her firm stance sends a clear message: she is firmly against cryptocurrency ETPs, including any initiative towards an XRP ETF.
The SEC recently approved the creation and in-kind redemption of Bitcoin and Ethereum ETFs. This aligns them with commodity-based ETPs, such as those backed by gold. While this update is considered a victory for the cryptocurrency ETF infrastructure, Crenshaw's resistance contrasts sharply. Her objections suggest that she could act as a constant obstacle in future votes related to cryptocurrencies, including proposed XRP ETFs.
Crenshaw's disapproval goes beyond ETFs. She recently criticized the SEC staff guidance on liquid staking, calling it legally fragile and lacking practical foundation. According to her, the recommendation "accumulates factual assumptions" and does not provide clear guidance to sector participants.
Additionally, she also expressed her firm opposition to the recent staff guidelines on U.S. dollar-pegged stablecoins. Calling the statement "legally and factually flawed," Crenshaw warned that it misrepresents the real risks of stablecoins by repeating marketing phrases like "digital dollar," which, in her opinion, misleads investors.
These comments only deepen concerns that Crenshaw's presence could complicate regulatory progress surrounding Ripple and the XRP ETF, especially if her influence grows or gains support within the Commission.
