Jack Dorsey’s Block files OCC application for Bitcoin and stablecoin custody bank - Crypto News

Block, the financial technology firm led by Jack Dorsey, has formally applied for a national trust charter with the U.S. Office of the Comptroller of the Currency (OCC). If approved, the entity would operate as a specialized custody bank, holding Bitcoin and stablecoin assets for institutional clients. This is a significant structural step, moving Block from a payments and peer-to-peer ecosystem into the regulated banking infrastructure layer.

The application is notable because a federal charter would place Block’s digital asset custody operations under direct federal oversight, rather than relying on a patchwork of state money transmitter licenses. For the broader market, the news signals that established fintech players are willing to navigate the full regulatory process to offer crypto services. It also highlights a growing trend: separating the custody of digital assets from trading venues, which could appeal to risk-averse institutions.

What to watch is the OCC’s timeline and any conditions attached to the charter. Approval would validate the viability of bank-grade crypto custody under the current federal framework. Conversely, a prolonged review or denial would underscore the regulatory friction remaining for digital asset banking. For now, the filing itself reinforces that demand for compliant, federally supervised crypto storage is a tangible business priority, not just a theoretical one.