Block faces $764 million DOJ settlement as bitcoin profit falls 50%

Block, Jack Dorsey's payments company, faces a proposed $764 million settlement with the DOJ to resolve a federal anti-money-laundering investigation. Separately, lower Cash App trading fees halved Block's quarterly bitcoin gross profit, down 50%. Traders care because a large AML penalty against a major bitcoin-adjacent firm signals regulatory pressure and weaker crypto revenue for a key industry player.