#XRPETF 「Impossible Triangle」: The Ultimate Test of Law, Liquidity, and Ecological Game】

💡 In-Depth Perspective: If the XRP Spot ETF is approved, it will face three unique challenges that far exceed the complexity of BTC/ETH ETFs:

1️⃣ Custody Dilemma:

- Ripple Labs holds over 50 billion XRP (accounting for 50% of total supply), traditional ETFs require strict separation between the issuer and the asset issuer, 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 lockup mechanism has not clearly supported this operation.