Peter Thiel-backed bank gets conditional regulators nod

Core Insights - The OCC has conditionally approved a national bank charter for Erebor Bank, marking a significant milestone as it is the first preliminary conditional approval for a de novo national bank since July 15 [1] - The OCC emphasizes its openness to banks engaging in digital asset activities, countering perceptions of hesitance in this area [2] - Erebor Bank aims to be a digital-native institution serving sectors like crypto, AI, defense, and high-growth technology, backed by notable figures in the tech industry [3] Company Overview - Erebor Bank will be headquartered in Columbus, Ohio, with a secondary presence in New York, focusing on a digital operational strategy rather than traditional physical branches [4] - The approval of Erebor Bank coincides with the U.S. government's efforts to establish a clearer regulatory framework for digital assets, highlighted by the passage of the GENIUS Act [5] Industry Context - There is a growing push for crypto-friendly legislation, as evidenced by recent actions from pro-Bitcoin Senators and New York City's initiatives to enhance its status as a digital asset hub [6]