Block, under Jack Dorsey, applied to the OCC for a federal banking license
Payment company Block, founded by Jack Dorsey, submitted an application to the Office of the Comptroller of the Currency (OCC) on Tuesday to establish a non-insured national trust bank named Builders Bank & Trust, N.A. Block stated that if approved, the bank would offer custodial and other trust services, including Bitcoin and stablecoins, and the federal charter would establish a federal regulatory framework for some of the custodial services currently offered by Block.Block's application comes at a time when more and more fintech and crypto companies are seeking federal banking charters. Last week, Revolut received conditional approval from the OCC, following approvals for companies like Coinbase, Paxos, BitGo, Ripple, and Circle. The OCC also recently granted conditional approval to World Liberty Financial, supported by the Trump family, which has raised scrutiny in Washington regarding potential conflicts of interest.Since 2025, the OCC has received 40 applications for new bank charters, of which 21 have been approved and 2 have been denied.