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      Block Seeks Federal Banking License for New Trust Bank

      Payment company Block, founded by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) in the United States to establish a non-insured national trust bank named Builders Bank & Trust, N.A. The application was submitted on Tuesday and, if approved, the bank would provide custodial and other trust services, including those related to Bitcoin and stablecoins. This federal charter aims to create a regulatory framework for some of the custodial services currently offered by Block.

      The move by Block aligns with a growing trend among fintech and cryptocurrency companies seeking federal banking charters. Recently, the OCC granted conditional approval to Revolut, adding to a list that includes companies like Coinbase, Paxos, BitGo, Ripple, and Circle. The OCC has been active in this space, having received 40 applications for new bank charters since 2025, with 21 approvals and 2 denials to date.

      Block's application comes amid increased scrutiny of the OCC's approval process, particularly following the conditional approval granted to World Liberty Financial, which has ties to the Trump family. This has raised concerns in Washington regarding potential conflicts of interest as the agency continues to navigate the evolving landscape of financial technology and cryptocurrency regulation.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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