As the US shutdown cripples the SEC for over 20 days, Grayscale Investments hints at an imminent XRP ETF approval. Zach Pandl, their Chief Research Officer, unveils a regulatory strategy poised to kickstart a wave of crypto ETF launches. Institutional investors eagerly await this green light that could revolutionize XRP access in regulated markets.
The administrative shutdown in the United States is seriously complicating the approval timeline for new crypto financial products. Zach Pandl confirms that SEC teams responsible for ETF and ETP reviews are experiencing significant delays. This contrasts with government functions deemed essential, which continue to operate. The situation is creating a backlog of pending applications, including the highly anticipated XRP ETF.
For crypto ETF providers like Grayscale, Bitwise, or Franklin Templeton, the message is clear: They’ll need to wait a few additional weeks before seeing these new investment vehicles hit the market. The shutdown, now exceeding three weeks, is forcing regulators to postpone decisions that would normally have been made in January or February 2025.
Despite these delays, Pandl remains confident. The SEC completed substantial groundwork before the shutdown, establishing generic listing standards that will apply to multiple digital assets simultaneously. This standardized approach contrasts with the previous method where each crypto asset underwent a lengthy and costly individual evaluation.
The key element in Grayscale’s recent statements lies in the SEC’s methodology change: Regulators have now defined common eligibility criteria allowing approval of multiple crypto ETFs in batches, rather than one by one. Any asset meeting the requirements for liquidity, secure custody, and market surveillance can obtain ETF approval. This standardization could create a genuine “big bang” of approvals, with XRP and Solana as the first beneficiaries—two projects with complementary profiles: cross-border payments for one, DeFi ecosystem and NFT infrastructure for the other.
In response to this evolution, Grayscale is betting on diversification with its Crypto 5 ETF, offering balanced exposure to promising altcoins while limiting idiosyncratic volatility. This approach is increasingly appealing to institutional investors eager to access regulated and high-performing vehicles.
The approval of an XRP ETF would mark a decisive turning point for institutional adoption. Thanks to improved liquidity and increased pricing efficiency, this product would pave the way for pension funds, family offices, and financial advisors looking to gain exposure to digital assets. Most importantly, such approval would confirm that XRP is not a security, establishing the asset’s regulatory legitimacy and laying the groundwork for Ripple’s new growth and integration into traditional finance.
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