Analysis: Ripple's Application for a Federal Reserve Master Account Is More Significant Than Applying for a Central Bank License

On July 3rd, based on the comments of cryptocurrency reporter Eleanor Terrett 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. In terms of access, this is more significant than obtaining an OCC license. Hierarchically, a master account is at the diamond level, a bank charter is at the platinum level, a trust company is at the gold level, and a money transmitter license is at the silver level." "Historically, the Federal Reserve has been reluctant to allow 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. A judgment is expected to be issued at any time."