Block Seeks OCC Charter to Bypass State Licensing for Bitcoin Custody
Block, Inc., the parent company of Cash App, has applied for an Office of the Comptroller of the Currency (OCC) national trust charter to custody Bitcoin and stablecoins under federal preemption. This move aims to bypass the state-by-state money transmitter licensing regime that has constrained its business since inception.
The filing, made on September 8, 2026, positions Block to hold digital assets at institutional scale without becoming a traditional bank. The charter is uninsured and non-deposit-taking, but it would provide federal authorization for the company's operations.
This is part of a growing trend, known as the 'charter wave,' where crypto-native firms are seeking legitimacy through federal chartering. Circle received final OCC approval in July for its national trust bank, while Ripple obtained a conditional charter and BitGo secured final approval.