Jack Dorsey’s Block Applies for Federal Crypto Bank

Block has officially applied to set up an uninsured national trust bank in the United States. If approved, the move will place a significant portion of the company operations for Bitcoin, stablecoins, and other digital asset custody under direct federal supervision. The company submitted its formal application to the Office of the Comptroller of the Currency on Tuesday.

This big step shows how major fintech companies want clearer regulatory oversight for digital assets. By seeking a national trust charter, Block aims to build stronger institutional trust and bring traditional banking standards to its crypto operations. The firm already holds substantial amounts of Bitcoin on its balance sheet and supports various crypto payment tools.

Traders and industry watchers will keep a close eye on the application process to see how federal regulators respond. A successful approval could pave the way for other major fintech companies to seek similar banking charters, bridging the gap between traditional finance and cryptocurrency.