New bank with tech and Trump ties clears key regulatory hurdle

Of note: Like Luckey's Anduril, a defense tech startup, and Thiel's and Lonsdale's Palantir, Erebor's name comes from the J.R.R. Tolkien books.

What they're saying: "I am committed to a dynamic and diverse federal banking system, and our decision today is a first but important step in living up to that commitment," Comptroller of the Currency Jonathan V. Gould said in a statement. "Today's decision is also proof that the OCC under my leadership does not impose blanket barriers to banks that want to engage in digital asset activities."

The other side: "Trump's financial regulators just fast tracked an approval of this risky venture that could set up another bailout funded by American taxpayers and destabilize our banking system," Sen. Elizabeth Warren (D-Mass.) said in a