#XRPETF
The compliance process is accelerating
🔥 【The 'Impossible Triangle' of #XRPETF : The ultimate test of law, liquidity, and ecological game theory】
💡 In-depth 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 strict separation between the issuer and the asset issuer, proving 'decentralization' becomes the biggest compliance obstacle.
- Referencing the Grayscale GBTC model, the XRP ETF may need to commit to regularly destroying custody tokens, but Ripple's lock-up mechanism has not yet clearly supported this operation.
2️⃣ Liquidity tier risk:
- The XRP spot market lacks depth (the current price spread on Binance's order book is three times that of BTC), ETF market makers may face high slippage costs, leading to management fees soaring above 1.5% (compared to IBIT's 0.25%).
- After U.S. trading platforms delisted XRP due to lawsuits, liquidity has become highly concentrated in the Asian market, and time zone differences may cause significant fluctuations in ETF net asset value.
