OCC Grants Preliminary Approval for Erebor Bank’s Crypto-Focused Charter
The Office of the Comptroller of the Currency has taken a landmark step toward legitimizing crypto banking, issuing preliminary conditional approval for Erebor Bank's de novo national charter. Backed by Silicon Valley heavyweights including Palmer Luckey and Peter Thiel-affiliated firms, the venture aims to fill the void left by SVB's collapse with $250 million in committed capital.
Erebor's blueprint targets innovation economy clients—crypto startups, AI ventures, and defense tech firms—while pioneering stablecoin integration. The bank plans to become "the most regulated entity" handling stablecoin transactions, accepting digital assets as loan collateral, and facilitating dollar transactions for foreign banks. Comptroller Jonathan Gould characterized the MOVE as a watershed moment for digital asset integration in traditional finance.
