Block seeks federal license for crypto custody bank

Block has applied to the OCC to launch Builders Bank & Trust, a national trust bank focused on bitcoin and stablecoin custody, operating under federal oversight without deposit insurance.

Block, Jack Dorsey’s company, has applied to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, a national trust bank focused on custody and fiduciary services for bitcoin and stablecoins. The proposed bank would not accept deposits or issue loans and would operate without deposit insurance, coming under direct federal supervision. This move aims to provide a unified regulatory framework for Block’s digital asset custody activities. The application reflects a broader trend of fintech and crypto firms seeking federal banking licenses to expand regulated digital asset services. If approved, Builders Bank & Trust would strengthen Block’s institutional crypto custody offerings and consolidate operations under federal regulation. Lee Woolley is set to lead the proposed entity. The OCC has seen a rise in similar applications, highlighting growing institutional interest in regulated digital asset custody.