Odaily Planet Daily reports that Bitcoin News posted on X that Jack Dorsey’s Block has applied to the U.S. Office of the Comptroller of the Currency to establish a federally regulated national trust bank, Builders Bank & Trust. If approved, the bank will provide custody and related fiduciary services for Bitcoin and stablecoins, with a primary focus on safeguarding customer assets; it will not accept checks or savings deposits, nor offer loans. Lee Woolley, Block’s Head of Digital Assets Strategy, will serve as President and CEO of the bank.
Block Applies for National Trust Bank Charter to Offer Bitcoin Custody Services
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Summary
Block, the company led by Jack Dorsey, has submitted an application to the OCC to establish a national trust bank named Builders Bank & Trust, aiming to offer federally regulated custody and trust services for bitcoin and stablecoins. The bank will not accept deposits or issue loans. Lee Woolley, Block’s Head of Digital Assets Strategy, will lead the new entity. This move aligns with ongoing CFT initiatives and occurs amid speculation regarding the approval of a bitcoin ETF.
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