BlockBeats News, July 3rd, according to cryptocurrency reporter Eleanor Terrett's comments on "Ripple's Application for National Bank Charter with the Office of the Comptroller of the Currency (OCC)," "In addition to this application, Ripple also applied for a Federal Reserve master account through its acquisition of the trust company Standard Custody last year, which is more significant in terms of access than obtaining an OCC license. Hierarchically, a master account is diamond level, a bank charter is platinum level, a trust company is gold level, and a money transmitter license is silver level."

"Historically, the Federal Reserve has resisted allowing cryptocurrency companies direct access to the payment system, although critics argue that this could reduce risk. Currently, the Federal Reserve is defending this position in the Custodia Bank lawsuit, which involves the authorization of depository institutions to obtain master account access, and a judgment is expected to be issued at any time."