Grayscale Research Chief Says XRP Could Be Repriced as Clearer Rules Emerge

Zach Pandl, Head of Research at Grayscale Investments, stated in a March 2026 interview that XRP could experience significant repricing once clearer digital asset regulations emerge in the United States, with specific focus on long-term token supply dynamics and institutional participation.

Pandl noted that investors are already positioning ahead of potential policy developments, evidenced by $121 million in inflows to Grayscale’s XRP investment product (GXRP) since launch and $1.4 billion across five proposed XRP ETFs as of early March.

The comments come as the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) recently signed a memorandum of understanding to coordinate digital asset oversight, while the CLARITY Act faces legislative uncertainty amid debates over stablecoin yield provisions and other sticking points.

Regulatory Clarity and Valuation Impact

Repricing Mechanism

Pandl explained during a discussion with crypto host Paul Barron that improved regulatory guidance could lead to repricing across multiple digital assets. For XRP specifically, clarity around issues such as long-term token supply dynamics could play a major role in shaping investor sentiment and valuation.

“If future policies reduce uncertainty about XRP’s supply dynamics, it could positively affect the asset’s valuation,” Pandl stated. He noted that regulatory frameworks could require companies connected to blockchain networks to restructure how they manage token holdings, which would influence circulating supply calculations and future inflation expectations.

Institutional Positioning

Even before comprehensive regulations are in place, large financial firms are exploring investments tied to XRP. Pandl highlighted that institutions could begin treating XRP more seriously as a financial asset class once regulatory frameworks are established, potentially accelerating capital allocation to the ecosystem.

Investor Demand for XRP Products

Grayscale XRP Trust Performance

Grayscale’s XRP investment product (GXRP) has accumulated approximately $121 million in assets under management since launch, reflecting strong investor demand for regulated exposure to the asset despite current regulatory uncertainty.

ETF Inflows

Five asset managers have filed proposals for XRP exchange-traded funds, which have seen approximately $1.4 billion in combined inflows as of early March 2026. This institutional interest suggests that investors are positioning themselves in anticipation of clearer regulatory rules, according to Pandl.

Regulatory Landscape Developments

SEC-CFTC Coordination

The SEC and CFTC recently signed a memorandum of understanding to coordinate their regulatory approach to digital assets. Under the agreement, the agencies will:

• Hold joint meetings

• Share data and information

• Clarify product definitions through coordinated rulemaking

• Potentially establish co-located offices for firms seeking guidance

SEC Chair Paul Atkins emphasized that harmonization extends beyond aligning rules to include coordinated responses for industry participants, signaling an end to past regulatory turf wars between the agencies.

CLARITY Act Timeline Pressure

Alex Thorn, Senior Researcher at Galaxy Digital, warned that the CLARITY Act for crypto regulation may not pass in 2026 unless lawmakers act quickly. Delays center largely on whether stablecoin issuers can pay yields to holders—a provision that remains contested.

Thorn stated that if the bill does not clear committee by April 2026, chances of passage this year are “very low.” Even if the stablecoin yield issue is resolved, other hurdles including DeFi rules, regulator powers, and ethics concerns could still block legislation.

Political Context

The bill’s fate is shaping up as a major political issue ahead of November 2026 midterm elections, with Democrats planning to challenge the Trump administration’s crypto policies. The legislative timeline and ultimate contours of any regulatory framework remain uncertain.

Current XRP Market Context

XRP traded below $1.50 as of March 2026, reflecting ongoing market uncertainty despite the potential for regulatory developments to reshape its valuation profile.

Frequently Asked Questions

How could regulatory clarity affect XRP’s price?

According to Grayscale’s Zach Pandl, clearer regulations could lead to a repricing of XRP by reducing uncertainty around long-term token supply dynamics and enabling broader institutional participation. Regulatory frameworks might require companies associated with blockchain networks to restructure token holdings, affecting circulating supply calculations and investor sentiment.

What XRP investment products currently exist?

Grayscale offers the GXRP investment trust, which has accumulated approximately $121 million since launch. Additionally, five asset managers have filed proposals for XRP ETFs, which have seen approximately $1.4 billion in combined inflows as of early March 2026, indicating strong institutional demand for regulated XRP exposure.

What is the status of the CLARITY Act?

The CLARITY Act faces legislative uncertainty in 2026, with debates centered on whether stablecoin issuers can pay yields to holders. Galaxy Digital’s Alex Thorn warns that if the bill does not clear committee by April, passage becomes very unlikely this year. Other potential obstacles include DeFi rules, regulator powers, and political dynamics ahead of November midterm elections.