according to crypto journalist Eleanor Terrett's comments on "Ripple's submission of a national bank charter application to the US Office of the Comptroller of the Currency (OCC)," "In addition to this application, Ripple also applied for a Fed master account through its acquisition of the trust company Standard Custody last year, obtaining a Fed master account is more significant in terms of access than obtaining an OCC license. In terms of hierarchy, the master account is diamond level, the bank charter is platinum level, the trust company is gold level, and the money transmission license is silver level."

"Historically, the Fed has always resisted allowing crypto companies direct access to the payment system, although critics believe this could reduce risks. Currently, the Fed is defending this position in the lawsuit of Custodia Bank, which involves the authority of deposit institutions to obtain master accounts, with a judgment expected to be delivered at any time."