New Bank Backed By Billionaire Trump Donors Wins Approval [View all]
Source: Newsweek
Published Oct 16, 2025 at 04:54 AM EDT updated Oct 16, 2025 at 04:55 AM EDT
Federal regulators have given the green light for a new bank backed by President Donald Trump's billionaire donors.
In a statement released on Wednesday, the Office of the Comptroller of the Currency (OCC), an independent arm of the Treasury Department, confirmed it had "conditionally approved the de novo national bank charter application for Erebor Bank."
Why It Matters
The announcement came after Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) in July this year, marking the first significant federal legislation in the U.S. aimed at regulating stablecoins and cryptocurrencies tied to the U.S. dollar.
Erebor Bank, which specializes in cryptocurrency and technology ventures, was co-founded by entrepreneurs and Republican donors Palmer Luckey—co-founder of military contractor Anduril—and Joe Lonsdale, head of venture capital firm 8VC and a co-founder of data analytics firm Palan, according to BankingDive. The bank counts billionaire venture capitalist Peter Thiel among its backers.
Read more: https://www.newsweek.com/erebor-bank-billionaire-trump-donors-wins-approval-10887118
And when it fails, the U.S. taxpayers will bail it out. A win-win grift.
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