Block Seeks OCC Charter to Bypass State Licensing for Digital-Asset Custody
Block, the fintech company led by Jack Dorsey, has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
The proposed institution, Builders Bank & Trust, N.A., would operate as an uninsured, non-depository trust bank focused on custody and fiduciary services for Bitcoin, stablecoins, and other digital assets.
The application does not seek permission for the bank to accept consumer deposits or make commercial loans. Lee Woolley, Block's Digital Asset Strategy Lead and a former bank executive, has been named president and CEO.
A national trust charter would give Block a federally regulated structure for its digital-asset custody business, replacing its reliance on separate state-by-state licensing and third-party banking infrastructure.