Block applies for OCC charter to establish Builders Bank & Trust, an uninsured national trust bank offering Bitcoin and stablecoin custody services.
DeFi & Yields ·
Block, Inc., the company founded by Jack Dorsey, has applied for a federal bank charter from the Office of the Comptroller of the Currency (OCC), joining a broader wave of crypto and fintech companies pursuing regulated banking status. The application marks the firm's move toward becoming a federally regulated national bank.
The timing reflects accelerating industry interest in obtaining formal banking charters, which would grant companies access to the federal banking system and its associated regulatory frameworks. Obtaining such a charter requires approval from the OCC and subjects applicants to ongoing prudential oversight.
It remains unclear when the OCC might rule on Block's application or what conditions, if any, the regulator may impose. The broader competitive dynamics among firms seeking similar charters and any regulatory priorities or timelines guiding OCC decisions in this area are not detailed in available reporting.