According to crypto journalist Eleanor Terrett, who commented on "Ripple's application to the Office of the Comptroller of the Currency (OCC) for a national banking license," "In addition to this application, Ripple also applied for a Fed master account through Standard Custody, the trust company it acquired last year, and obtaining a Fed master account is more meaningful in terms of access than obtaining an OCC license. At the hierarchy, the master account is diamond, the banking license is platinum, the trust company is gold, and the money transfer license is silver."
"Historically, the Fed has resisted giving cryptocurrency companies direct access to payment systems, although critics argue that this would reduce risk. The Fed is currently defending this position in a lawsuit by Custodia Bank over depository institutions' access to master accounts, and a decision is expected at any time."
Crypto reporter: Ripple's application for the Federal Reserve's main account is more significant than applying for a national bank license
2025-07-03 01:05:14
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