Block Seeks Federal Trust Bank Charter for Crypto Custody

Block Inc., the fintech company led by Jack Dorsey, has applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter. The application, filed on September 8, seeks to establish Builders Bank Trust, N.A., an uninsured, nondepository institution focused on custody and fiduciary services for Bitcoin, stablecoins, and other digital assets. The proposed bank would not accept consumer deposits or make commercial loans. Instead, its activities would be limited to holding digital assets on behalf of clients under federal supervision. Lee Woolley, Block's Digital Asset Strategy Lead, has been named as the proposed president and CEO of Builders Bank. Woolley stated that the bank is well positioned to support Block's broader vision of economic empowerment, citing the company's experience in digital assets and its history with Square Financial Services. The application remains pending, and Builders Bank would only begin operations if the OCC grants approval. No timeline for a decision has been established.