Thiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing
Thiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing
A group of high-profile tech investors, including military tech entrepreneur Palmer Luckey and venture capitalist Joe Lonsdale, is preparing to launch a new bank designed to serve the niche left behind by the collapse of Silicon Valley Bank — and to do so with ambitions that extend deep into cryptocurrency, defense tech, and artificial intelligence.
The bank, to be called Erebor, has formally applied for a national banking charter in the United States, according to documents made public this week. Named after the “Lonely Mountain” in The Lord of the Rings, Erebor would aim to serve the "innovation economy" - start-ups and individuals in sectors often viewed as too risky for traditional lenders, including blockchain, AI, defense, and advanced manufacturing.
Erebor’s founders, who include backers of Donald Trump’s 2024 presidential bid, say their institution will fill a gap left by SVB’s 2023 collapse, which shook the tech sector’s financial infrastructure. That failure triggered panic among start-ups, many of which relied heavily on SVB’s tailored credit offerings. Though SVB’s remnants were absorbed by First Citizens and some staff migrated to HSBC, entrepreneurs and investors continue to complain of tightened credit access and fewer bank partners willing to underwrite emerging technologies,
reports.
Erebor’s co-founders first discussed launching a bank after the collapse of SVB in 2023, according to a person close to the matter. SVB had been the main bank for US start-ups and their venture capital backers.
Its assets were sold to First Citizens, which has since relaunched SVB, and a number of its bankers moved to HSBC in the US. But investors and executives complain about a gap in banking services for fledgling tech companies since SVB’s demise — with some start-ups struggling to get the same access to capital. -FT
The application describes Erebor as “a national bank… providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals,” with a focus on customers underserved by both traditional and fintech institutions. It will also offer services to non-U.S. companies seeking access to the American banking system.
One of the bank’s major innovations, and potential regulatory flashpoints, is its plan to become a dominant player in stablecoin transactions, a controversial corner of the cryptocurrency world where digital tokens are pegged to traditional currencies like the U.S. dollar. Erebor’s filing describes its goal as becoming “the most regulated entity conducting and facilitating stablecoin transactions.”
Founders Luckey, best known for founding Anduril Industries, and Lonsdale, a co-founder of Palantir and managing partner of 8VC, are not expected to be involved in Erebor’s day-to-day operations. Instead, the bank will be led by co-CEOs Jacob Hirshman, a former adviser to crypto firm Circle, and Owen Rapaport, CEO of digital assets compliance company Aer. Mike Hagedorn, a longtime banking executive and former EVP at Valley National Bank, will serve as president.
Despite its tech-forward posture, Erebor will be headquartered in Columbus, Ohio, with a secondary office in New York City. In keeping with the start-up culture it hopes to serve, Erebor will be a digital-only bank, offering customer support and financial products exclusively through a smartphone app and website.
Much about Erebor remains under wraps. Portions of the application, including its equity structure, business plan, and shareholder identities, were submitted confidentially.
The Erebor venture underscores the ongoing realignment of financial services in the tech sector, as traditional banks grow more cautious and venture-backed firms look to build their own institutions. Whether Erebor succeeds where SVB fell — and whether its fusion of crypto, defense, and Silicon Valley politics finds regulatory favor — remains to be seen. For now, its founders are betting there’s a mountain of opportunity left to reclaim.
Wed, 07/02/2025 - 19:40
The bank, to be called Erebor, has formally applied for a national banking charter in the United States, according to documents made public this week. Named after the “Lonely Mountain” in The Lord of the Rings, Erebor would aim to serve the "innovation economy" - start-ups and individuals in sectors often viewed as too risky for traditional lenders, including blockchain, AI, defense, and advanced manufacturing.
Erebor’s founders, who include backers of Donald Trump’s 2024 presidential bid, say their institution will fill a gap left by SVB’s 2023 collapse, which shook the tech sector’s financial infrastructure. That failure triggered panic among start-ups, many of which relied heavily on SVB’s tailored credit offerings. Though SVB’s remnants were absorbed by First Citizens and some staff migrated to HSBC, entrepreneurs and investors continue to complain of tightened credit access and fewer bank partners willing to underwrite emerging technologies, Client Challenge
Tyler Durden | Zero Hedge
Zero Hedge
Thiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
The frenzied activity on Jan. 16 and 17, 2025, capped a spending binge that saw the LPO approve at least $93 billion in current and future disbursements after Vice President Kamala Harris lost the 2024 election in November, according to documents provided by the department to RealClearInvestigations. It appears that Biden officials were rushing to deploy billions in approved funding in anticipation that the incoming Trump administration would seek to redirect uncommitted money away from clean energy projects.
The agreements were made despite a warning from the department’s 
At the center of the impasse is Senate Majority Leader John Thune of South Dakota, who has struggled to unite a fractured GOP conference around the sprawling bill. dubbed by Trump as the “One Big Beautiful Bill” - which includes sweeping tax cuts, a $5 trillion debt ceiling increase, significant Medicaid reductions, and a rollback of clean energy subsidies.
Currently, eight major Republican holdouts remain opposed or undecided. With only a razor-thin margin for defections, Thune can afford to lose just three votes. Senators Rand Paul of Kentucky and Thom Tillis of North Carolina have declared their opposition, and Maine’s Susan Collins is leaning no. That leaves Sen. Lisa Murkowski of Alaska — a perennial swing vote — as the potential deciding factor. Thune and Senate Finance Chair Mike Crapo (R-ID) spent the early morning hours huddling with Murkowski, offering compromises and tweaks to the bill in hopes of flipping her vote.
“I think we’re going to get there,” Trump told reporters as he departed the White House Tuesday morning. “It’s tough. We’re trying to bring it down, bring it down so it’s really good for the country.”
But that optimism was not yet matched on the Senate floor, where votes on dozens of amendments continued into a second day. A visibly weary Thune said shortly after 5 a.m., “We’re getting to the end here,” though it remained unclear whether he had secured the votes.
Both Thune and Sen. Markwayne Mullin (R-OK) insist there's a deal to pass the bill, but we shall see...
BREAKING: Sen. Markwayne Mullin (R-OK) says Republicans have the votes to pass the One Big Beautiful Bill in the U.S. Senate, according to Fox News.
“Yeah we got em.” 
Meanwhile, Paul has proposed replacing the $5 trillion debt ceiling hike with a far smaller $500 billion increase — a move he argues would preserve leverage for deeper cuts in a follow-up reconciliation bill. But most Republicans see the idea as a nonstarter. “I don’t want anything,” Paul said when asked if he could be persuaded to support the package in exchange for concessions.
A Late-Night Drama on the Floor
Just before dawn, Murkowski was seen shaking her head repeatedly during an intense discussion with Thune, Crapo, and fellow Alaskan Sen. Dan Sullivan, 
Amid the floor chaos, senators did pass a bipartisan amendment, 99 to 1, to strike language in the bill that would have barred states from regulating artificial intelligence for a decade in a blow to Sen. Ted Cruz (R-TX). The language was removed over concerns about consumer and child safety raised by Sen. Marsha Blackburn (R-TN) and Sen. Maria Cantwell (D-WA).
Other proposed amendments, however, failed. Collins’ bid to double the bill’s rural hospital relief fund to $50 billion - funded by restoring the top marginal tax rate for ultra-high earners, was rejected by a wide margin. A conservative amendment to roll back Medicaid expansion under the Affordable Care Act has yet to receive a vote but threatens to split the conference further: if it fails, hardliners like Ron Johnson (R-WI), Mike Lee (R-UT), and Rick Scott (R-FL) may walk away. If it passes, moderates like Murkowski and Collins could defect.
Ron Wyden, the top Democrat on the Senate Finance Committee, equated Collins’ amendment to “a band aid on an amputation.” Her amendment would have increased the top tax rate on individuals earning more than $25 million in a year to 39.6%. -
The IRS is much maligned by anyone who wants to keep their well learned money, yet one of their greatest problems they face is that 
Grand Ayatollah Makarem was reportedly responding in the edict to question put forward by his followers is 
The updated draft reflects compromises among Senate GOP factions that have sparred for weeks over how aggressively to cut social safety net programs and whether to roll back clean energy incentives enacted under the Biden administration. The legislation, if passed, would serve as the centerpiece of Mr. Trump’s second-term economic agenda.
Senate Majority Leader John Thune announced that voting on the bill would begin Saturday afternoon, with a final vote potentially coming as soon as Sunday. If it does pass the Senate, Republican leaders have indicated they will call House members back to Washington early next week in hopes of sending the legislation to the president’s desk before Independence Day.
However, it remains uncertain whether all 50 Republican senators are prepared to back the measure. Senator Ron Johnson of Wisconsin said Saturday on Fox News that he would oppose beginning debate on the bill immediately, citing the need for more time. “This is an important bill,” Johnson said. “There’s no need to rush it.”
A Revised SALT Cap
To address concerns from House Republicans representing high-tax states, the new draft raises the cap on the state and local tax (SALT) deduction from $10,000 to $40,000 for five years. The cap would snap back to its original level thereafter, with a modest 1% annual increase during the interim period. The deduction would begin phasing out for taxpayers earning more than $500,000 annually.
A House provision aimed at curbing SALT workarounds used by pass-through businesses was stripped from the text. While fiscal conservatives have criticized the SALT compromise as overly generous, the deal is expected to secure the support of swing-district Republicans and has been endorsed by the White House.
Senate Republicans also removed a controversial Section 899 “revenge tax” on foreign companies and investors following concerns from Wall Street and a request from Treasury Secretary Scott Bessent.
Tax Relief and Medicaid Tweaks
The legislation makes permanent the individual and corporate tax cuts first enacted in 2017 and introduces new temporary breaks for tipped workers, seniors, and car buyers. In a nod to moderate Republicans, the revised bill creates a $25 billion rural hospital fund intended to mitigate the effects of Medicaid spending reductions that critics warn could threaten services in underserved areas.
Senator Susan Collins of Maine had pressed for a $100 billion allocation but has not yet commented on whether the smaller fund will earn her support.
The new version delays the full impact of a 3.5% cap on state Medicaid provider taxes from 2031 to 2032. The cap, which would begin phasing in by 2028, applies only to states that expanded Medicaid under the Affordable Care Act. Additionally, the bill imposes new work requirements for Medicaid recipients and would require ACA-expansion beneficiaries to contribute to their care through co-pays or deductibles.
Renewable Energy Rollbacks and New Land Sales
Republicans accelerated the phaseout of tax credits for wind and solar energy projects, now requiring such projects to be fully operational by the end of 2027 to qualify. That change, reportedly supported by Mr. Trump, could impact companies like NextEra Energy, the nation’s largest renewable developer.
Senate Democratic Leader Chuck Schumer criticized the change, warning on social media that the rollback would “jack up your electric bills and jeopardize hundreds of thousands of jobs.”
The bill also ends the $7,500 electric vehicle tax credit sooner than earlier versions proposed, cutting it off after September 30, 2025, including for used and commercial EVs.
A separate provision reinstated in the draft would authorize the sale of up to 1.2 million acres of federal land across 11 western states for housing and community development, a measure pushed by Senator Mike Lee of Utah. The plan could raise up to $6 billion but faces resistance from GOP senators in affected states.
Tax credits for hydrogen production, originally slated to end this year, would now continue through 2028 for projects started by then.
Broader Cuts and Debt Ceiling Increase
The legislation includes steep cuts to funding for the Consumer Financial Protection Bureau and federal food assistance programs, while increasing allocations for the U.S.-Mexico border wall. It preserves $15 million in funding for a task force to study alternatives to the IRS Direct File program, though it drops language that would have terminated the free filing service entirely — a defeat for tax software providers like Intuit.
A proposed tax on money transfers by non-citizens was scaled back from 3.5% to 1%, a win for companies like Western Union and MoneyGram.
Finally, the bill would raise the debt ceiling by $5 trillion, a move intended to avert a potential federal default projected for as early as August.
With internal GOP divisions still simmering, the path to final passage remains uncertain. Yet with Independence Day looming, Senate Republicans are betting that the new concessions will be enough to unify their ranks — and deliver a long-sought legislative victory for the president.
I continue to hold that feminism is the KEY movement that has undermined the success of western culture. Their zealotry has led to the destruction of the nuclear family (the most important factor in a healthy nation). They have helped to facilitate the near collapse of the west and this problem needs to be addressed before it’s too late.
I recently came across an article in the New York Times which explains the decline in western relationships in a way that is both hilarious and depressing. The essay is titled 
At a moment the Trump administration is celebrating to 'obliteration' of the Islamic Republic's core elements and main facilities of its nuclear program, the Ayatollah downplayed the effects of the military campaign.
He described that the United States entered the war along Israel's side "because they felt that if they did not enter, the Zionist regime would be destroyed." He presented this as a sign of Israeli weakness, echoing prior statements issued during the aerial raids.
"However, the Americans did not gain anything in this war," he asserted. He went to say that those that attacked Iran suffered a high cost. According to more from state media 
Source: Bloomberg
This was all driven by non-defense aircraft orders... which rose 230% MoM..
Source: Bloomberg
...as 'ex-transports', orders rose just 0.5% MoM (still better than expected)...
Source: Bloomberg
Capital goods shipments rose 0.5%, excluding defense and commercial aircraft, better than expected, adding to Q2 GDP growth hopes.