Odaily Planet Daily News Crypto journalist Eleanor Terrett commented on "Ripple submitted an application for a national bank license to the U.S. Office of the Comptroller of the Currency (OCC)". "In addition to the application, Ripple 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 than obtaining an OCC license. In terms of hierarchy, master accounts are diamond-level, bank licenses are platinum-level, trust companies are gold-level, and money transmission licenses are silver-level." "Historically, the Federal Reserve has resisted allowing cryptocurrency companies to directly access the payment system, even though critics believe this can reduce risks. The Federal Reserve is currently defending this position in the Custodia Bank lawsuit, which involves depository institutions' access to master accounts, and the judgment is expected to be released at any time."