Zach Pandl, Head of Research at Grayscale Investments, did not hedge when asked whether XRP would be repriced under proposed crypto legislation. “I do,” he said on the Paul Barron Network. “I think we would see a repricing across a range of assets, certainly including XRP.”
The Repricing Thesis
Pandl pointed to consistent and growing institutional demand for Grayscale’s XRP-focused product GXRP as evidence that sophisticated money is already positioning for clarity. The repricing has not yet happened, he argued, because the regulatory framework that would justify it has not arrived. Once that framework comes, value currently suppressed by legal ambiguity will be unlocked.
Section 205: The Clause Reshaping Ripple
A largely underreported element of the proposed legislation is Section 205, which requires blockchain projects to demonstrate a threshold of decentralization to qualify as a mature blockchain. For Ripple, this forces a restructuring or potential burn of XRP holdings to meet the 20% mature blockchain component requirement. CEO Brad Garlinghouse has stated publicly that the odds of passage are high, though the window is narrowing. Pandl acknowledged uncertainty but described the overall direction as positive.
Ethereum Also in Focus
Pandl also discussed Ethereum, calling it one of the most important assets in the future financial system. He noted that Grayscale is the only asset manager currently staking Ethereum at scale within its ETF products, calling it the most efficient way for institutions to gain exposure across different account types. He supported the idea of digital asset treasuries holding Ethereum directly, whether through an ETF, self-custody, or a treasury structure.
Pandl’s comments carry weight because Grayscale is one of the world’s largest digital asset managers, operating regulated products across multiple jurisdictions. When its research head says XRP is mispriced and primed for a repricing event, it is not community speculation — it is institutional analysis. The question is no longer whether XRP would benefit from a clear legal framework, but how long it takes to arrive, and whether the closing window stays open long enough.