Cash App is owned by Block, and Block has an existing banking license (an Industrial Loan Company chartered in Utah in 2021), and has a new license application is progress (a National Trust Bank Charter filed just last month). I happen to know that internally Jack was saying things like "we are a bank", and "we can use this license to do all sorts of banking things."

Clearly this is evidence that they can't be trusted as a bank, and should have those licenses revoked.