Market projections for the approval of a dedicated XRP exchange-traded fund (ETF) have fallen to approximately 65% amid staunch opposition from a key regulator.
This significant decline primarily stems from resistance by US Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw. Commissioner Crenshaw has maintained a consistent position against cryptocurrency ETF applications in 2025, having voted against all 13 proposals brought before the Commission so far this year.
Crenshaw’s dissent has injected heightened regulatory uncertainty into the market. This stance has caused fluctuations in investor sentiment specifically regarding the XRP ETF prospect and raised broader concerns over the future trajectory of cryptocurrency ETFs seeking regulatory green lights.
Despite industry developments like the launch of the ProShares Ultra XRP ETF (UXRP), which provides leveraged exposure and was approved under different regulatory frameworks, the SEC has not yet sanctioned a full spot XRP ETF listing. Commissioner Crenshaw’s firm position notably disrupts the earlier market optimism surrounding such an approval.
Speculation had recently arisen regarding asset management giant BlackRock potentially entering the XRP ETF space, seen by some as a positive signal. However, Crenshaw’s unwavering opposition casts doubt on the near-term viability of any such proposal and could significantly delay progress.
The final decision on an XRP ETF remains highly uncertain. Commissioner Crenshaw’s dissenting votes are now viewed as a pivotal factor likely to heavily influence upcoming SEC determinations on cryptocurrency ETF applications.