Palmer Luckey’s Erebor Crypto Bank Secures Conditional U.S. Approval

Erebor, a Columbus-based banking venture founded by Palmer Luckey, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to serve cryptocurrency and AI companies. The decision, announced on October 15, 2025, marks a pivotal moment for digital asset firms that have long faced challenges in securing traditional banking partnerships.

The approval process was unusually swift, concluding in just four months—a timeline that has sparked debate among industry observers. Comptroller Jonathan Gould emphasized the significance of this decision, framing it as a precedent for future crypto banking approvals. Erebor must still undergo compliance and security reviews before launching operations.

Luckey, co-founder of defense contractor Anduril Industries, Leveraged political connections to accelerate the process, according to a leaked fundraising memo. The bank’s emergence coincides with heightened market volatility, positioning it as a potential lifeline for crypto businesses navigating regulatory uncertainty.