First US Crypto Bank Receives Regulatory Approval with High-Profile Backing
The Office of the Comptroller of the Currency (OCC) granted Erebor Bank preliminary approval to operate as a federally chartered digital asset bank, marking the first such authorization under Comptroller Jonathan Gould. Backed by prominent investors including Peter Thiel, Palmer Luckey, and Joe Lonsdale, the bank will operate exclusively online from Columbus and New York with $275 million in initial capital.
The decision follows the GENIUS Act's implementation, which established new regulatory frameworks for stablecoins. Erebor must now pass stringent cybersecurity, anti-money laundering, and capital adequacy audits before commencing operations. "The OCC remains committed to a diverse banking system that supports responsible innovation," Gould stated, emphasizing this approval as an initial milestone rather than a conclusion.
