Block Seeks Federal Supervision for New US Crypto Bank

Block, the fintech company founded by Jack Dorsey, has filed an application to create Builders Bank & Trust, N.A., a federally supervised U.S. crypto bank.

The filing is currently under review by the Office of the Comptroller of the Currency (OCC) and cannot commence operations until it receives regulatory approval.

Unlike traditional commercial banks, Builders Bank & Trust will not engage in deposit-taking or lending, which differentiates its operational model.

This move underscores Block's ambition to integrate more deeply into the cryptocurrency financial infrastructure.