Opinion: Ripples application for a Fed master account is more significant than its application for a national bank license

By: odaily.com|2025/07/03 03:06:25
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Odaily News Eleanor Terrett, a crypto journalist, commented on Ripples application for a national bank license submitted to the Office of the Comptroller of the Currency (OCC). In addition to the 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 Fed has resisted giving cryptocurrency companies direct access to the payment system, even though critics argue that would reduce risk. The Fed is currently defending that position in the Custodia Bank lawsuit involving depository institutions’ access to master accounts, with a ruling expected any day now.”

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