Block seeks OCC approval for Builders Bank Bitcoin custody charter
In brief
- Block applies to OCC for Builders Bank & Trust, N.A. national trust bank charter
- Builders Bank would provide federally supervised custody and fiduciary services for Bitcoin and stablecoins
- Lee Woolley, Block's digital asset strategy lead, named to head the new bank
Federal Oversight for Digital Assets
Block is pursuing a national charter to establish consistent federal framework as its custody business scales. The proposed bank would be uninsured and non-deposit-taking, focusing exclusively on asset custody and fiduciary services. This structure sidesteps the complexity of managing customer deposits while still securing federal supervision.
Lee Woolley, Block's digital asset strategy lead, would lead Builders Bank. Woolley brings more than two decades of banking and financial services experience to the role. His appointment signals Block's intent to operate the bank with institutional-grade governance and compliance infrastructure.
Strategic Positioning
"Building on Block's experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we've assembled, we believe Builders Bank is well positioned to support Block's broader vision of economic empowerment," — Lee Woolley, Block's digital asset strategy lead
The move reflects a broader industry shift toward regulated custody solutions. By securing a national charter, Block gains clarity on regulatory expectations and can market Builders Bank as a federally supervised alternative to unregulated custodians. The application underscores how major fintech firms are increasingly seeking formal banking licenses to serve the digital asset ecosystem.
