"Block applies to establish national trust bank" Sep 09, 2026
Wednesday, 9 September 2026 · 2 min read · Listen to the episode ↗
Jack Dorsey's Block has applied to establish Builders Bank and Trust, an uninsured National Trust Bank aimed at providing custody services for assets like Bitcoin and stablecoins under federal supervision. This move reflects a broader trend among fintech and crypto firms seeking national bank charters, with 23 of the 40 recent applications focused on digital assets. Additionally, regulatory challenges persist, as India's financial intelligence unit has issued non-compliance notices to several cryptocurrency platforms.
Jack Dorsey's Block has submitted an application to establish Builders Bank and Trust, an uninsured National Trust Bank that would operate under federal supervision. If approved, the bank aims to provide custody and fiduciary services for various assets, including Bitcoin and stablecoins, thereby creating a consistent federal regulatory framework for Block's existing custody activities as they expand.
The application for Builders Bank and Trust is part of a growing trend among fintech and crypto firms seeking national bank charters. The Office of the Comptroller of the Currency (OCC) has received 40 de novo charter applications in the past 18 months, with 23 of those specifically related to digital assets, indicating a significant interest in this sector.
In a related development, India's financial intelligence unit has issued non-compliance notices to 15 cryptocurrency platforms for operating illegally under the Prevention of Money Laundering Act. This highlights ongoing regulatory challenges faced by crypto firms in various jurisdictions.
Strive has made headlines by purchasing an additional 1,300 BTC between August 31 and September 4, bringing its total holdings to over 24,000 BTC. The company's cash and equivalents have also increased to $202 million, reflecting its aggressive investment strategy in the cryptocurrency market.
In a separate legal matter, a 22-year-old Singaporean has pleaded guilty to federal racketeering conspiracy for leading an international social engineering operation that resulted in the theft and laundering of over $245 million in cryptocurrency. The defendant faces a potential prison sentence of up to 20 years, with a status hearing scheduled for December 8.
Robinhood is expanding its prediction markets business through new partnerships with Crypto.com and OG.com. In the second quarter, the platform saw 13.6 billion event contracts traded, generating approximately $156 million in revenue, which marks a 50% increase from the previous quarter. This growth underscores Robinhood's commitment to diversifying its offerings in the competitive fintech landscape.
This summary was generated from the episode transcript and can contain mistakes.