#XRPETF Deep Perspective: If the XRP spot ETF is approved, it will face three unique challenges, far exceeding the complexity of BTC/ETH ETFs:

1️⃣ Custody Dilemma:

- Ripple Labs holds over 50 billion XRP (accounting for 50% of the total supply), traditional ETFs require issuers to be strictly separated from asset issuers, how to prove 'decentralization' becomes the biggest compliance obstacle.

- Referring to the Grayscale GBTC model, the XRP ETF may need to commit to regularly destroying custody tokens, but Ripple's lock-up mechanism has not clearly supported this operation.