Jack Dorsey’s Block seeks OCC approval to establish national trust bank for Bitcoin, stablecoin custody

Jack Dorsey's Block is seeking approval from the OCC to establish a national trust bank named Builders Bank. This institution aims to provide federally supervised custody services for Bitcoin and stablecoins, potentially increasing regulatory clarity and trust in digital asset custody. According to the reports, the proposed bank will focus exclusively on custody services and will not engage in issuing loans or accepting deposits from its customers as part of its operational model.