Erebor Seeks Crypto Bank License as Tech Billionaire Relies on Political Network

Jakarta, Pintu News – Erebor, a newly established crypto bank, has made bold claims in its latest fundraising memo. The bank plans to obtain a banking charter in half the usual time with the help of its founder’s powerful political network. This approach raises questions about integrity and transparency in the licensing process.

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Erebor: The Crypto Bank of the Future?

Since the downfall of SVB in 2023, the Web3 industry has lost the technology bank that supported it. Erebor, founded by several prominent tech billionaires, plans to fill this void by emphasizing crypto.

A recently circulated fundraising memo claims that Erebor will be fully operational before the end of this year, a process that usually takes more than a year.

Erebor founders, including Peter Thiel and Anduril founder Palmer Luckey, who are close Trump allies, are said to have great influence in speeding up this process. The memo explicitly states that their political networks will ensure quick approval. This raises the question of how far political influence affects regulators’ decisions.

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Political and Regulatory Connections

The link between Erebor and regulators was highlighted in the memo. Jonathan Gould, the current OCC Chairman and former Bitfury executive, is said to have close ties with Erebor.

This raises concerns about potential conflicts of interest and favoritism in the bank chartering process.

An OCC representative stated that each bank charter application is reviewed based on the facts of the application and in accordance with statutory and regulatory requirements. However, the claim in Erebor’s memo of a “unique connection” with the regulator raises speculation about the integrity of the process.

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Impact and Controversy

If Erebor manages to get approval, it could be a huge platform for the integration of TradFi with crypto. Erebor plans to be the most regulated entity in conducting and facilitating stablecoin transactions, integrating Web3 at all levels. However, the political corruption angle may not benefit the industry’s reputation.

Claims that political networks could speed up the granting of the bank’s charter could lead to major scandals. While the crypto industry could benefit from the bank’s existence, the accelerated timeline seems unnecessary and could lead to serious corruption and bribery issues in the future.

Conclusion

Erebor may be groundbreaking in providing banking services to the crypto industry, but the way they have achieved this could do more harm than good. Transparency and fairness in the regulatory process should be a priority to maintain public trust and the integrity of the industry.

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Reference

• BeInCrypto. Crypto Bank Erebor Rumored to Have Received OCC Approval. Accessed on August 9, 2025
• Featured Image: Generated by AI