Erebor Bank Receives National Bank Charter, Signaling Shift in Cryptocurrency Regulation

Entrepreneur Peter Thiel’s investment firm has played a key role in launching Erebor Bank, the first new bank to receive a national charter since 2018. This move signifies a potential shift in cryptocurrency regulations under the Biden administration, as the OCC issued this approval following its earlier stance on cryptocurrencies. The bank is backed by Thiel and Palmer Lucky, and promises to provide enhanced services for cryptocurrency businesses. The decision was made by Jonathan V. Gould, Comptroller of the Currency, who emphasized his commitment to a diverse banking system.