#XRPETF Ripple Labs holds over 50 billion XRP (accounting for 50% of total supply). Traditional ETF requirements mandate strict separation between the issuer and the asset issuer, making it a major compliance hurdle to prove 'decentralization'.

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