Odaily Planet Daily News - Crypto journalist Eleanor Terrett commented on "Ripple's application for a national bank charter submitted to the Office of the Comptroller of the Currency (OCC)", stating, "In addition to this application, Ripple has also applied for a Federal Reserve master account through its trust company Standard Custody, which it acquired last year. Obtaining a Federal Reserve master account is more significant in terms of access than obtaining an OCC license. In terms of hierarchy, a master account is diamond level, a bank charter is platinum level, a trust company is gold level, and a money transmission license is silver level." "Historically, the Federal Reserve has resisted allowing cryptocurrency companies direct access to payment systems, although critics argue that this could reduce risk. The Federal Reserve is currently defending this position in a lawsuit involving Custodia Bank, which concerns the ability of deposit institutions to obtain master accounts, with a ruling expected to come at any time."

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