Opinion: Ripples application for a Fed master account is more significant than its application for a national bank license
Odaily Planet Daily News Crypto journalist Eleanor Terrett commented on Ripples application for a national bank license submitted to the U.S. Office of the Comptroller of the Currency (OCC). In addition to this application, Ripple has also applied for a Federal Reserve master account through Standard Custody, a trust company it acquired last year. Obtaining a Federal Reserve master account means more in terms of access rights than obtaining an OCC license. In terms of hierarchy, a master account is diamond, a bank license is platinum, a trust company is gold, and a money transmission license is silver. Historically, the Federal Reserve has resisted allowing cryptocurrency companies to directly access the payment system,