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The Independent Commission on the Constitutional Future of Wales acknowledges each option requires UK government involvement.
Comments from senior Welsh Labour MP comes days after fresh calls for Welsh ministers to be given reins.
But experts warns Wales would face a "significant" challenge raising enough tax revenue.
Welsh independence is "viable" but is the "most uncertain option" for Wales's future, a new report has found.
The Independent Commission on the Constitutional Future of Wales focused on three options - increased devolution, a federal UK and an independent Wales. Opposition Senedd members have branded the report a "distraction".