logo

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 11:06:25
0
Share
copy

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.”

You may also like

Wintermute Founder: In the Lost Cryptocurrency Market, What Can We Still Do?

This is more like a manifesto, discussing "the very reason we are here."

$1.3 Billion Debt: BitDeer Faces Tough Battle

Wu Jihan is waiting for AI's money to catch up with the speed of debt.

Anthropic's IPO Gamble: At the Most Unlikely Moment, It Chose to Say No

In the AI Era, what is the most valuable thing?

Paradigm's Math Problem: $12.7 Billion, Too Big for a Single Crypto Fund

Emerging from the ruins of FTX, Paradigm took three years

Ethereum Unveils Scaling Roadmap, What's Different This Time?

Short-term improvements to execution efficiency through the Gas mechanism optimization and block validation parallelization, and long-term scalability through ZK-EVM and blobs data architecture.

Anthropic Ban Wave, OpenAI $100 Billion Funding Controversy: What Is the Overseas Crypto Community Talking About Today?

What Have Foreigners Been Most Interested in Over the Last 24 Hours?

Popular coins

Latest Crypto News

14:44

The US dollar against the Japanese yen reached a two-week high of 156.45, up 0.32% latest

According to Jinshi reports, the USD/JPY reached a two-week high of 156.45, up 0.32%.
14:44

The US dollar against the Japanese yen has risen by 0.5% during the day, currently reported at 156.59

According to Jinshi reports, the USD/JPY has risen by 0.5% during the day, currently reported at 156.59.
14:44

Data: A certain whale exchanged 205 BTC for 6,973 ETH, worth 13.45 million USD

According to Lookonchain monitoring, in the past 5 hours, a certain whale (0x2bd7) exchanged 205 BTC (worth 13.45 million USD) for 6,973 ETH at a rate of 0.02944.
14:43

Bitdeer produced 166 BTC this week and sold them all, worth approximately 10.96 million USD

Bitdeer (BTDR), the Bitcoin mining company under Wu Jihan, mined 166 BTC in the week ending February 27, and simultaneously sold 166 BTC, worth approximately $10.96 million. Bitdeer's BTC balance remains at 0.On February 22, Bitdeer announced that it had completely liquidated its BTC holdings, and a...
14:43

Israeli Defense Minister: Israel has launched a preemptive strike against Iran

According to Jinshi Data, the Israeli Defense Minister stated that Israel has launched a preemptive strike against Iran to eliminate threats to the nation. Missile and drone attacks on Israel are expected in the short term. The Defense Minister has declared a nationwide state of emergency and urged ...
Read more
Community
iconiconiconiconiconiconicon

Customer Support Bot：@WEEX_support_smart_Bot

VIP Services：support@weex.com