According to online reports, according to encryption journalist Eleanor Terrett commented on "Ripple's submission of a national banking license application to the Office of the Comptroller of the Currency (OCC)","In addition to this application, Ripple also applied for a Federal Reserve master account through the trust company Standard Custody it acquired last year. Obtaining a Federal Reserve master account is more meaningful in terms of access rights than obtaining an OCC license. In terms of hierarchy, the main account is diamond level, the bank license is platinum level, the trust company is gold level, and the money transfer license is silver level." "Historically, the Federal Reserve has resisted giving cryptocurrency companies direct access to payment systems, although critics believe it reduces risks. The Fed is currently defending this position in a lawsuit filed by Custodia Bank, which involves deposit-taking institutions 'access to master accounts, and a verdict is expected to be issued at any time."