Catenaa, Friday, October 24, 2025-The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to Erebor Bank, a new institution backed by tech investors Peter Thiel, Palmer Luckey, and Joe Lonsdale, marking a pivotal shift in Washington’s approach to crypto-linked banking.
The Columbus, Ohio-based Erebor Bank becomes the first de novo bank to receive national authorization under Comptroller Jonathan Gould. The OCC said the decision reflects its commitment to fostering a “dynamic and diverse federal banking system.”
Gould added that the agency “does not impose blanket barriers” on banks seeking to engage in digital asset activities.
Analysts described the approval as a landmark moment, signaling regulators’ readiness to allow responsible integration of crypto within federally chartered institutions.
Erebor’s model, which combines traditional banking with limited digital asset exposure, could become a template for compliant crypto banking.
Erebor aims to serve clients in technology, defense, AI, and digital finance sectors, filling the void left by the collapses of Silicon Valley Bank and other crypto-friendly lenders.
The bank’s charter allows both traditional lending and deposit services while maintaining strict risk controls.
The OCC’s approval comes amid a broader policy shift under President Donald Trump’s administration, following the passage of the GENIUS Act establishing stablecoin oversight. Comptroller Gould, a former Bitfury executive, has led efforts to remove barriers to crypto services in U.S. banking, including easing restrictions on custody and trading.
Erebor must still meet compliance and capital standards before securing its full charter.
