Erebor, a soon-to-launch crypto-focused bank, is telling potential investors it expects to secure a federal bank charter in record time — and it’s not shy about why.
In a fundraising memo seen by investors, the company claims it will get approval in “half the normal time,” citing the political connections of its billionaire founders. Several of those backers, including Peter Thiel and Anduril founder Palmer Luckey, are vocal allies of former U.S. President Donald Trump. The memo explicitly states that their “political network will get this done” quickly.
If Erebor succeeds, it would be the first major bank built for the tech and Web3 sectors since the 2023 collapse of Silicon Valley Bank.
A Charter on the Fast Track
Under normal circumstances, a federal bank charter can take a year or more to obtain. Erebor’s memo suggests it could cut that timeline in half and be fully operational by the end of the year.
Part of its confidence appears to come from current leadership at the Office of the Comptroller of the Currency (OCC) — the agency that approves bank charters. OCC Chair Jonathan Gould is a former Bitfury executive and, according to Erebor’s memo, has “unique connectivity” to its founders.
When asked about claims of favoritism, an OCC spokesperson said only:
“The OCC carefully considers every bank charter application submitted based on the facts of the application and consistent with its statutory and regulatory requirements.”
The Bank’s Ambition
Erebor plans to integrate stablecoins into its core infrastructure, positioning itself as “the most regulated entity conducting and facilitating stablecoin transactions.” That approach, it argues, could create a compliant bridge between traditional finance and the crypto economy.
The Web3 sector has lacked a dedicated banking partner since SVB’s failure. If Erebor delivers on its promises, it could fill that gap — offering stablecoin settlement, crypto-native payment rails, and services designed for blockchain startups.
Political Risk and Public Perception
While the potential benefits to the industry are clear, the optics are far more complicated. The fundraising memo’s blunt reference to political connections is already drawing scrutiny. Critics warn that if Erebor does win approval unusually quickly, it could fuel accusations of corruption and backroom dealing — adding to the reputational challenges crypto faces in Washington.
The industry has been under pressure over its growing alignment with Trump and other political figures, with opponents claiming that influence is being used to tilt regulatory decisions.
Whether Erebor’s confidence is genuine or just investor-friendly bluster remains to be seen. But if the fast-track charter happens, it won’t just be a win for Erebor — it could spark one of the biggest political flashpoints crypto banking has seen yet.
