United States (Brussels Morning Newspaper) – US regulators have conditionally approved the launch of Erebor Bank, backed by billionaire tech entrepreneurs Palmer Luckey, Peter Thiel, and Joe Lonsdale, all known supporters of President Donald Trump. Erebor Bank aims to specialise in cryptocurrency and tech financial products under the newly enacted GENI Act regulatory framework.
Conditional approval for Erebor Bank signals innovation in US banking
The Office of the Comptroller of the Currency (OCC), an independent bureau within the US Treasury Department, announced on October 15, 2025, its conditional approval of Erebor Bank’s national charter application. The Columbus, Ohio-based bank will operate nationwide once fully authorised.
Erebor Bank was co-founded by Palmer Luckey, known for co-founding defense technology company Anduril Industries and as a major donor to Donald Trump’s presidential campaigns. Other prominent backers include venture capitalist Joe Lonsdale, CEO of 8VC and co-founder of data analytics giant Palantir Technologies, and billionaire Peter Thiel, an early Trump supporter and influential tech investor.
Erebor Bank’s Focus and Services
According to the bank’s charter application, Erebor Bank intends to offer financial services tailored to technology companies and individuals involved in stablecoins, cryptocurrencies, and tokenized financial products. Services include credit issuance, treasury management, payment processing, and credit card issuance, with strong regulatory compliance commitment.
The bank’s mission statement declares a goal to be “the most regulated participant in stablecoin transactions,” integrating digital assets fully into federally supervised banking frameworks.
Regulatory Context: The GENI Act
The bank’s approval follows the landmark “GENI Act” (General and National Innovation in U.S Stablecoins), signed by President Trump in July 2025. The law establishes the first major federal regulatory regime for stablecoins and crypto assets linked to the US dollar, requiring issuers to be federally chartered banks with high reserve requirements, robust audit mandates, and compliance with anti-money laundering laws.
Erebor Bank is the first new bank to receive preliminary conditional approval since the OCC’s current leadership took office, reflecting the agency’s commitment to facilitating innovative banking ventures while maintaining a strong regulatory perimeter around digital assets.
Political Ties and Controversy
Newsweek reporter Anna Mitchell noted Senator Elizabeth Warren’s sharp criticism of the approval, cautioning that the bank primarily serves “the financial whims of Silicon Valley billionaires” closely aligned with President Trump. Warren accused the OCC of fast-tracking approval for Trump’s allies at the potential risk of taxpayer bailouts and destabilising traditional banking.
Warren stated:
“In a free market, credit flows fairly to those able to use money productively, not to the president’s cronies because of political connections. This rushed approval could lead us to another financial crisis”.
The Role of Key Founders
Palmer Luckey, director and principal shareholder of Erebor Bank, provides the connection to defence and technology sectors as well as Trump’s fundraising base. Luckey’s backing of Trump’s 2024 campaign deepened their ties. Venture capitalist Joe Lonsdale brings expertise in AI and big data, while Peter Thiel’s involvement is seen as a strategic asset given his political influence and investments across multiple sectors.
Financial Innovation and Market Impact
Comments
20 responses to “US Approves New Bank Supported by Billionaires Linked to Donald Trump”
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Looks like the boys are playing Monopoly with real money this time! Who knew being a billionaire came with a side of regulatory red tape – or is that just to keep the peasants confused? 😂💸
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Looks like the billionaires are at it again, opening a bank that’s probably more about helping their mates than actual banking. Who knew ‘Erebor’ was just Tolkien’s version of Wall Street? 😂💰
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Just what we needed, another bank to help the tech moguls play Monopoly with our money! 🇺🇸💸 If only they had a monopoly on common sense too… 😏
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Just what we needed, another bank for the tech billionaires to play with their digital toys. I suppose the “Erebor” name is fitting—after all, who wouldn’t want to mine their wealth in a fantasy land? 💰💼
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Looks like we’ve hit the jackpot with Erebor Bank—just what the world needed, another billionaire-backed venture to revolutionize banking while keeping it all in the family. If this isn’t a classic case of “money talks,” I don’t know what is! 💸😏
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Guess the boys in the US have decided that banking should be as entertaining as a game of Monopoly—complete with billionaires and a sprinkle of political drama. 🎩💰 Hope they have plenty of “Get Out of Jail Free” cards handy!
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Erebor Bank, eh? Nothing screams “innovative banking” quite like a financial institution run by Trump’s pals—because who wouldn’t want their money managed by the same folks who brought us the last financial circus? 🤡💸
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Erebor Bank? Brilliant! Just what we needed—another playground for billionaires who think they can buy financial stability with a side of crypto. 🤑
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Another bank founded by Trump’s pals? What a shocker! 😏 I suppose when you have billions, a little political favoritism is just the cherry on top of the financial cake, innit?
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A new bank backed by Trump’s mates, eh? Just what we need – more billionaires playing Monopoly with our money while we sit here counting our euros like it’s the last pint at the pub. 🍻💸
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Looks like the billionaires have found a new playground – who knew that banking could be as fun as a Eurotrip with a dodgy map? 🤔 Next stop, financial wizardry, or just another ride on the Trump train? 🚂💸
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Just what we needed – a bank for billionaires that’s basically a techie clubhouse with a side of politics. I guess the rest of us will just have to stick with our traditional banks, you know, the ones that don’t come with a side of drama. 😂
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Looks like the billionaires have found a new playground, eh? Who needs a stable economy when you’ve got a bank run by Trump’s pals and a fancy new act to play with? 💸🎩
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Erebor Bank, huh? Nothing screams innovation like a bank funded by the “best” friends of a former president—it’s like a tech startup with a side of political brunch. 🍽️💸
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A new bank backed by Trump’s billionaire pals? Just what we need, another financial playground for the tech elite 🍾. Can’t wait to see how this one ends, probably with a “surprise” taxpayer bailout! 😂
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Isn’t it just adorable how billionaires with a penchant for the dramatic are dancing around the regulatory bonfire? Can’t wait to see how this “most regulated” bank manages to redefine the meaning of “financial innovation” – must be a real page-turner for the history books! 😂💸
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Erebor Bank, huh? Nothing says “innovative banking” quite like a bunch of billionaires with political ties rummaging through the crypto toy box. Guess we’ll see how “regulated” it is when the next financial crisis rolls around, eh? 😂💸
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Just what we needed, another bank run by tech billionaires who think they’re on a mission from God. 🤦♂️ Next, we’ll have a crypto café run by the same lot – fancy a latte with your ledger? ☕️💸
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A new bank backed by billionaires linked to Trump? How refreshing! Just what we needed—more tech bros with dollar signs in their eyes and a penchant for crypto chaos. 💰😂
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Just what we need—another bank for the tech elite to play Monopoly with! 💰 It’s like watching a game of musical chairs, but with billionaires and a side of regulatory red tape. 🙄
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