Jack Dorsey’s Block targets bank charter to simplify Bitcoin custody

Block is tired of juggling dozens of regulatory hats. The fintech firm, led by Jack Dorsey, just applied for a federal charter to launch Builders Bank. Right now, the company manages its Bitcoin custody through a messy patchwork of more than 50 different state money transmitter licenses. This new move aims to fold those operations into a single, streamlined entity. By securing a charter, Block cuts out the middleman and reduces the friction of moving digital assets across state lines. It’s a calculated play to professionalize how the firm handles client funds without the administrative headache of state-by-state compliance. If the regulators sign off, Dorsey’s team won’t have to play by 50 different rulebooks anymore. Will other crypto-heavy payment firms follow this lead to escape the licensing trap?