#XRPETF holds over 50 billion XRP (accounting for 50% of the total supply). Traditional ETF requirements mandate strict separation between the issuer and the asset issuer, making proof of 'decentralization' the biggest compliance hurdle.

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