Early crypto bank Elebor recently handed out a fundraising memo claiming he was expecting a bank’s charter at half the usual time. If approved, the bank will consolidate the stubcoin at the base level.
Some of the founders of Elebor’s high-tech billionaires are Trump allies with direct links to relevant regulators. The memo states at an extreme speed, completely that their “political networks will accomplish this.”
EREBOR: Crypto’s next big bank?
Since the collapse of SVB in 2023, the Web3 industry has not enjoyed dedicated technology-specific banks. Last month, a group of well-known high-tech billionaires announced plans to close the gap by launching Elebor, a new bank focused on code.
According to a recent scoop, the agency plans to win regulatory approval much faster than expected.
Apparently, Elebor has issued a recent funding memo claiming that crypto banks will be fully operational by the end of the year.
The process can usually take more than a year, so Elebor investors openly suggest they will win twice as fast as regulatory approval.
How is this possible? Several of its major tech/crypto investors, including Peter Thiel and Andrill founder Palmer Lucky, have become Trump’s allies. “Palmer’s political network will do this,” the memo argued.
Furthermore, the institution has banked banks to increase cooperation between crypto and Tradfi.
OCC, which handles banking charters, has come close to the industry in recent months. Current Chairman Jonathan Gould is a former Bitfary executive with a notable connection to Elebor.
The memo directly argued that Elebor co-founders would “have unique connectivity to bank regulators,” particularly Gould.
At the press conference, OCC representatives did not directly address these favorable claims.
“The OCC carefully considers all bank charter applications submitted based on the facts of the application and is consistent with statutory and regulatory requirements,” an OCC spokesperson told Business Insider.
Pros and cons of approval?
To be fair, the crypto industry can definitely use banks that meet its profits. Ererbor plans to become the “most regulated entity that carries out and promotes Stablecoin transactions” that integrates Web3 across all layers.
If it proves successful, the agency can represent the main platform for integration with Tradfi and Crypto.
However, the angle of political corruption is unlikely to win the reputation of the industry. The crypto industry is under many flaks to significantly boost President Trump’s net worth through business transactions.
If “Palmer’s Political Network” gets a bank charter half the normal time, how does it look to external observers?
In the long run, corruption and bribery accusations can be serious. The crypto industry can benefit from this bank, but it appears that a quick timetable is not necessary.
This funding memo could be a fuss and prompt approval never came to fruition. But if that were the case, it could be a big scandal.
Elebor’s high-tech billionaire using political friends to approve crypto bank approvals was first made in Beincrypto.
