Original sourceCryptonomist
Summary
Block's crypto unit applied to the US Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., a national trust bank focused on digital asset custody including Bitcoin and stablecoins. The bank would not take deposits, make loans, or carry FDIC insurance, and its bu…
Key points
- It shows how crypto custody is moving from a patchwork of state rules to federal charters, and the compliance implications for institutional clients.
- If federal trust charters become a trend, it will reduce institutional custody compliance complexity while excluding deposit-taking and lending functions.
- Institutions using crypto custody may gain a consistent cross-state federal framework, but must note it excludes deposit insurance and lending.
Editorial note
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