Block Seeks OCC Approval for Federally Supervised Bitcoin Custody

Block, a fintech company co-founded by Jack Dorsey and Jim McKelvey, has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to launch Builders Bank & Trust.

The proposed entity would provide federally supervised Bitcoin and stablecoin custody, aiming to facilitate easier institutional involvement in digital assets within the U.S. regulatory framework.

Bitcoin's price currently sits at $78,452.01, below its key short- and medium-term moving averages but well above long-term support levels.

The technical analysis suggests that BTC/USD faces continued short- and medium-term selling pressure but trades in a firm sideways range of $77,610 to $80,168, with a stronger long-term bullish trend still intact.