Ripple applies for a Federal Reserve main account, implications may exceed that of a national bank license.

[Coin World][Crypto Journalist: Ripple's application for a main account with The Federal Reserve is more significant than applying for a national bank charter] According to comments from the crypto journalist regarding "Ripple's application for a national bank charter submitted to the Office of the Comptroller of the Currency (OCC)", "In addition to this application, Ripple also applied for a main account with The Federal Reserve through its trust company Standard Custody, which it acquired last year. Obtaining a main account with The Federal Reserve is more significant in terms of access than obtaining an OCC license. In terms of hierarchy, the main 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 Federal Reserve has resisted allowing crypto asset companies direct access to the payment system, although critics argue this could drop risk. Currently, The Federal Reserve is defending this stance in a lawsuit involving Custodia Bank, which pertains to the ability of deposit institutions to obtain a main account, with a ruling expected to be issued at any time."