Current outcome
Jack Dorsey's payments company Block has submitted an application to the OCC to establish Builders Bank & Trust, a national trust bank focused on federally supervised custody for Bitcoin and stablecoins. The bank would not accept deposits or issue loans and would operate under OCC supervision. If approved, it would provide a consistent national framework for Block's digital asset custody operations.
Progress timeline
2 material updates- #01
Jack Dorsey’s Block joins rush for federal bank charters from OCC
Jack Dorsey's Block is seeking a federal bank charter from the OCC, joining a trend of fintech and crypto companies pursuing national bank status.
Source evidence: The Block
- #02
Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin
Block has formally applied to the OCC to create Builders Bank & Trust, an uninsured national trust bank offering federally supervised Bitcoin and stablecoin custody, without accepting deposits or issuing loans. Lee Woolley would serve as President and CEO.
State after update: Jack Dorsey's payments company Block has submitted an application to the OCC to establish Builders Bank & Trust, a national trust bank focused on federally supervised custody for Bitcoin and stablecoins. The bank would not accept deposits or issue loans and would operate under OCC supervision. If approved, it would provide a consistent national framework for Block's digital asset custody operations.
Source evidence: Cointelegraph · Decrypt · The Defiant