Viewpoint: Ripple's application for a Federal Reserve main account is more significant than applying for a national banking license

Odaily Planet Daily News: Cryptocurrency journalist Eleanor Terrett commented on "Ripple submits national banking license application to the Office of the Superintendent of the Currency (OCC)", stating that "in addition to the application, Ripple also applied for a Federal Reserve main account through its trust company Standard Custody, which it acquired last year. Obtaining a Federal Reserve main account is more meaningful in terms of access than obtaining an OCC license. At the hierarchical level, the main account is diamond level, the bank license is platinum level, the trust company is gold level, and the currency transfer license is silver level. ” Throughout history, the Federal Reserve has consistently resisted allowing cryptocurrency companies to directly access payment systems, despite critics arguing that it could reduce risk. Currently, the Federal Reserve is defending this position in the lawsuit against Custodia Bank, which involves the authority of deposit taking institutions to obtain master accounts, with expected judgments to be made at any time