#XRPETF Custody Dilemma:

- Ripple Labs holds over 50 billion XRP (accounting for 50% of the total supply), traditional ETFs require strict separation between the issuer and the asset issuer, making it a significant compliance challenge to prove "decentralization."

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