#特朗普税改 holds over 50 billion XRP (accounting for 50% of the total supply). Traditional ETF requirements demand strict separation between the issuer and the asset issuer, making it a significant compliance obstacle to prove 'decentralization'.

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