Block Files Application for Builders Bank and Trust Dedicated to Bitcoin

Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank and Trust, a federal deposit bank dedicated to the custody of Bitcoin and stablecoins. This initiative aims to establish a banking infrastructure under federal supervision, without relying on third-party providers. Builders Bank and Trust will not offer checking accounts or loans but will focus on the custody of digital assets on behalf of third parties. If the charter is granted, Lee Woolley, currently in charge of Block's digital asset strategy, will serve as its president. Since 2025, the OCC has received forty applications for federal banking charters, twenty-three of which are related to digital assets, with an approval rate of 21 applications. This trend reflects a collective movement of U.S. crypto companies towards federal regulation rather than individual licenses. However, Senator Elizabeth Warren has expressed concerns regarding these charters, describing them as a means to circumvent banking obligations.

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