Finally, A President Is Standing Up To Woke Banks
The American people deserve financial institutions that serve all law-abiding citizens, not just those who align with the ruling class’s preferred ideology.The American people deserve financial institutions that serve all law-abiding citizens, not just those who align with the ruling class’s preferred ideology.Right-wing investor to challenge traditional banking with national crypto bank
A challenger to traditional banking has finally emerged, and it is coming from the right wing.
After billionaire Palmer Luckey was reported to be starting a cryptocurrency venture, it was unclear how big the scope would be and if it would work only in digital currencies.
Now that public filings have emerged, the new project was revealed to have major conservative backing while literally giving traditional banks a run for their money.
'The bank will be a national bank ... providing traditional banking products.'
Blaze News reported last week that Luckey had teamed up with Joe Lonsdale to start the new company; Lonsdale co-founded Palantir Technologies with Luckey and has his own software companies, as well. At the same time, Lonsdale's venture firm 8VC led a $225 million fundraising round for the new company to meet federal regulatory requirements.
The tech entrepreneurs were first thought to be starting a bank that would work primarily on maximizing returns for tech startups, but recent filings revealed much more is in store. According to the Financial Times, the new company has applied for a national bank charter, which would it give license to operate as a typical banking institution.
The Times also revealed a new right-wing mega-donor has joined the mix.
RELATED: Palmer Luckey-led crypto bank promises startups a capital hoard safe from scheming feds
None other than Peter Thiel and his venture capital fund, the Founders Fund, will also be backing the startup, according to two of the Times' sources.
Thiel is, of course, known for giving millions to Republican campaigns over the years, including over a million dollars to President Donald Trump for his 2016 campaign.
This new undertaking, dubbed Erebor, is yet another one of Luckey's companies named after themes found in J.R.R. Tolkien books. This one refers to the mountain in "The Hobbit," where the dragon Smaug hoards his gold. His other companies, Anduril and Palantir, are references to a character's sword and a magical seeing stone, respectively.
Filings revealed, "The bank will be a national bank ... providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals."
Adding to previous speculation, the target market was listed as businesses that are part of the American "innovation economy," including tech companies focused on virtual currencies, artificial intelligence, or defense manufacturing.
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Erebor will work with stablecoins, cryptocurrency tied to relatively stable assets like the U.S. dollar or gold. This is done to limit the volatility of a coin without sacrificing its benefits, creating investment opportunities far in excess of simply purchasing and holding, say, Bitcoin.
For example, President Trump works with the stablecoin USD1, which is attached to the U.S. dollar.
"Longtime crypto people know it's a fine line between being targeted by government and being co-opted by government," explained Blaze Media's James Poulos. "But it's hard to strike the right balance without risking the worst of both worlds — a crypto economy that regulators tolerate but can destroy or manipulate with the wave of a hand."
Poulos added that the most stable compromise naturally involves figures that Washington relies on in other high-tech industries, "however much freedom-loving 'maxis' wish that weren't the case."
"Regardless, it doesn't matter how perfect a balance the kingpins of crypto and banking might strike if Bitcoin (to take the biggest example) falls short of its potential as a peer-to-peer currency and becomes just another place for established wealth to accrue value," Poulos concluded.
Erebor's filing said it plans on working with non-U.S. companies that are "seeking access to the U.S. banking system," according to the filing, and said it would "differentiate itself" by working with customers who are not well served by "traditional or disruptive financial institutions."
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Palmer Luckey-led crypto bank promises startups a capital hoard safe from scheming feds
Billionaire Palmer Luckey is dipping his toe into the financial sector with a banking venture focused on helping tech entrepreneurs.
The company is known as Erebor, yet another entry in Luckey's portfolio that follows the Thiel-world pattern of referencing lore from the tales of J.R.R. Tolkien. Just as Anduril is a reference to a character's sword, and Palantir to a magical seeing stone, Erebor refers to the mountain in "The Hobbit" where the dragon Smaug hoards his gold away from would-be slayers and thieves.
While the moniker is not final, according to the New York Post, the venture is serious in its ability to reshape banking forever.
Deliberate federal interference in the nascent crypto banking market provoked the very crisis the feds purported to solve.
Luckey is partnering with Joe Lonsdale, a venture capitalist who co-founded Palantir Technologies and other software companies. Together, they will help tech startups build their businesses instead of maximizing returns like a traditional bank, insiders told the Post.
The key difference is that Erebor will work with stablecoins, a type of cryptocurrency tied to relatively stable assets like the U.S. dollar or gold. This is done to limit the volatility of a coin without sacrificing its benefits, creating investment opportunities far in excess of simply purchasing and holding, say, Bitcoin.
Even the president is working with stablecoins, particularly USD1, which is attached to the U.S. dollar.
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The Post reported that Erebor was born out of the collapse of Silicon Valley Bank in 2023, caused by a slew of management errors, "investment missteps, market volatility, and regulatory changes," according to Investopedia. The Biden administration ended up guaranteeing all deposits into SVB, despite the bank's ruin.
But as Castle Island founding partner Nic Carter explained last year, deliberate federal interference in the nascent crypto banking market provoked the very crisis the feds purported to solve. "Biden bank regulators made it impossible for banks serving a particular legal industry to operate," Carter wrote. "And in doing so, they actively caused the collapse of certain banks, namely Silvergate and Signature. These banks did not die by suicide but by murder. This remains a gigantic scandal, and no one has ever faced any responsibility for it."
It is unknown who else is involved with the launch of Erebor; it is still in its early stages and has no public start date. Luckey's representative did not immediately respond to Blaze News' request for information regarding founders or key development points.
In that regard, Lonsdale's venture firm 8VC has led a $225 million fundraising round, which will reportedly be used to meet federal regulatory requirements that are necessary for starting a bank, not for backing deposits.
Luckey is not expected to hold an executive role or be involved in day-to-day operations, but he would be adding "bank operator" to his laundry list of titles, which include defense contractor and handheld-gaming manufacturer.
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The tech titan has increasingly been involved in larger-than-life projects, including advanced technologies for U.S. military equipment. His open-to-debate style has caused him to become a darling of the Silicon Valley class, and his prominent criticisms of Facebook/Meta (he has since buried the hatchet with Mark Zuckerberg) have helped his image as a palatable billionaire, a dynamic with echoes of Mr. Burns and his one-time rival Arthur Fortune.
"Cryptocurrency is so powerful and investable because it's the most advanced tech ordinary Americans can use right now amongst themselves to create and grow wealth," said James Poulos, Blaze Media's editor at large.
"But it's still not clear how exactly to transition the U.S. from a dollar backed by American global, economic, and military dominance to one backed by computational power," he added. "While stablecoins weaken the ability of regular people to use Bitcoin free from government pressure and control, they strengthen the ability of Washington and Silicon Valley to transition the dollar stably away from the unsustainable 'money printer' model toward a dollar backed by energy itself, in the form of watts used to power compute. That's why a bank like Erebor is basically inevitable."
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Financial Giant USAA Gets Downgraded After Debanking Trump Lawyer, Going Woke
Once a low-cost haven for service members, veterans, and their families, USAA’s troubles suggest a company prioritizing leftist ideology over its mission.A brutal wake-up call from America’s most powerful banker
Jamie Dimon, CEO of JPMorgan Chase — one of the most powerful financial institutions on earth — issued a warning the other day. But it wasn’t about interest rates, crypto, or monetary policy.
Speaking at the Reagan National Defense Forum in California, Dimon pivoted from economic talking points to something far more urgent: the fragile state of America’s physical preparedness.
We are living in a moment of stunning fragility — culturally, economically, and militarily. It means we can no longer afford to confuse digital distractions with real resilience.
“We shouldn’t be stockpiling Bitcoin,” Dimon said. “We should be stockpiling guns, tanks, planes, drones, and rare earths. We know we need to do it. It’s not a mystery.”
He cited internal Pentagon assessments showing that if war were to break out in the South China Sea, the United States has only enough precision-guided missiles for seven days of sustained conflict.
Seven days — that’s the gap between deterrence and desperation.
This wasn’t a forecast about inflation or a hedge against market volatility. It was a blunt assessment from a man whose words typically move markets.
“America is the global hegemon,” Dimon continued, “and the free world wants us to be strong.” But he warned that Americans have been lulled into “a false sense of security,” made complacent by years of peacetime prosperity, outsourcing, and digital convenience:
We need to build a permanent, long-term, realistic strategy for the future of America — economic growth, fiscal policy, industrial policy, foreign policy. We need to educate our citizens. We need to take control of our economic destiny.
This isn’t a partisan appeal — it’s a sobering wake-up call. Because our economy and military readiness are not separate issues. They are deeply intertwined.
Dimon isn’t alone in raising concerns. Former Google CEO Eric Schmidt has warned that China has already overtaken the U.S. in key defense technologies — hypersonic missiles, quantum computing, and artificial intelligence to mention a few. Retired military leaders continue to highlight our shrinking shipyards and dwindling defense manufacturing base.
Even the dollar, once assumed untouchable, is under pressure as BRICS nations work to undermine its global dominance. Dimon, notably, has said this effort could succeed if the U.S. continues down its current path.
So what does this all mean?
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It means we are living in a moment of stunning fragility — culturally, economically, and militarily. It means we can no longer afford to confuse digital distractions with real resilience.
It means the future belongs to nations that understand something we’ve forgotten: Strength isn’t built on slogans or algorithms. It’s built on steel, energy, sovereignty, and trust.
And at the core of that trust is you, the citizen. Not the influencer. Not the bureaucrat. Not the lobbyist. At the core is the ordinary man or woman who understands that freedom, safety, and prosperity require more than passive consumption. They require courage, clarity, and conviction.
We need to stop assuming someone else will fix it. The next crisis — whether military, economic, or cyber — will not politely pause for our political dysfunction to sort itself out. It will demand leadership, unity, and grit.
And that begins with looking reality in the eye. We need to stop talking about things that don’t matter and cut to the chase: The U.S. is in a dangerously fragile position, and it’s time to rebuild and refortify — from the inside out.
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Coinbase employees caught taking bribes for user data — hackers demand $20 million ransom
Coinbase received an extortionary email asking for $20 million in ransom from hackers who said they had obtained private user data.
The cryptocurrency exchange platform said a May 11 message demanded the money in return for not publicly disclosing information that was obtained through Coinbase employees.
'No passwords, private keys, or funds were exposed, and Coinbase Prime accounts are untouched.'
In a press release, Coinbase said "cyber criminals bribed and recruited" "rogue overseas support agents" to steal customer data in order to facilitate social engineering attacks.
Coinbase described the intrusion as only affecting a small subset of customers (less than 1%). However, this could still account for more than 1 million app users, given 2024 estimates that the company had ballooned to 105 million users, according to Business of Apps.
"No passwords, private keys, or funds were exposed, and Coinbase Prime accounts are untouched," Coinbase noted. "We will reimburse customers who were tricked into sending funds to the attacker."
While the company did its best to reassure its customers, a plethora of private information was swept up that users will not be happy about.
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According to Coinbase, hackers were provided with user names, addresses, phone numbers, and emails. The last four digits of Social Security numbers, masked bank account numbers, images of government ID, and more were allegedly stolen as well.
Dean Gefen, CEO of cybersecurity firm NukuDo, told Blaze News that this kind of data breach has long-term effects that most will come to realize.
'That kind of exposure isn't just a privacy issue; it opens the door to phishing, identity theft, and long-term financial vulnerability. Most users won't feel it today, but if that data gets sold or abused, the impact will remain for years."
Gefen explained that the reason crypto account holders are so at risk is because they sit at the intersection of finance and emerging tech. These two sectors often move ahead at light speed and end up leaving security in the rearview mirror, hoping to catch up.
"Any company storing sensitive financial data needs to take this as sign to be on notice. Without the right people, training, and systems in place, this kind of breach is inevitable," Gefen said.
— (@)
When asked if this was just the cost of doing business at this scale, Gefen replied, "[Only] if we accept failure as normal."
"We wouldn’t tolerate this kind of breach in a nuclear facility or defense system, so why would we accept it in our financial infrastructure?"
The cybersecurity expert added that bad actors from China, North Korea, and Russia are among the biggest threats who look at crypto platforms as attractive, decentralized targets.
Coinbase said that is working with "industry partners" and law enforcement to connect the dots, but instead of paying the ransom, it planned to establish a $20 million reward fund for information leading to the arrest and conviction of the attackers.
The crooked insiders were allegedly "fired on the spot" and referred to "U.S. and international law enforcement."
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How Republicans can shut down this overbearing agency once and for all
With accountability and spending restraint more urgent than ever, Congress should shut down the Consumer Financial Protection Bureau for good. Eliminating the CFPB would mark a decisive move to protect taxpayers from another bloated, unaccountable government agency. If Republicans, Congress, and President Donald Trump want to keep their promise to rein in Washington’s runaway bureaucracy, they must ensure this agency stays dead — and buried for good.
The CFPB’s unchecked growth and regulatory overreach have raised red flags for years. Born out of the 2008 financial crisis, the agency operates with minimal oversight and has long avoided serious scrutiny. Its expanding budget and vague authority continue to spark legitimate questions about fiscal responsibility and constitutional limits. Closing down the CFPB would end a failed bureaucratic experiment and send a clear message: Every federal agency answers to the taxpayers. No exceptions.
Consumers deserve clear, commonsense policies — especially after years of market confusion driven by the CFPB’s heavy hand.
The CFPB was built to operate independently, beyond the reach of Congress or the president. Lawmakers granted it broad, vague authority — allowing unelected bureaucrats to meddle freely in the U.S. economy. Beyond its track record of economic failure, the CFPB’s structure flatly contradicts the American model of representative government.
President Trump and the Department of Government Efficiency, led by Elon Musk, acted quickly. They made high-impact decisions to show Americans they were serious about cutting waste, reducing overreach, and eliminating redundancy across the federal bureaucracy. When the CFPB came up for its DOGE review, the administration halted its operations and dismissed hundreds of staff.
That move triggered criticism from the usual quarters, but consumers and lawmakers should look deeper. Ending the CFPB isn’t just about cost-cutting. It signaled a broader plan to streamline the federal government and promote efficiency across every agency.
Still, even the DOGE can’t finish the job without Congress. Only Congress can repeal the statute that established the CFPB — and only Congress can shut the agency down for good. Lawmakers must do so.
The CFPB currently controls its own funding, bypassing the regular appropriations process and evading critical checks and balances. Reclaiming those dollars would help reduce the deficit, and redistributing the CFPB’s limited useful functions to other agencies would ensure continued consumer protections under proper oversight.
The Federal Reserve and other agencies already handle key aspects of financial regulation and could easily absorb the CFPB’s remaining duties. Congress must finally draw the line: no more duplicative mandates, no more unchecked authority, and no more mission creep. If consumer protections matter — and they do — then Congress must deliver them through a structure that answers to the people.
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Fortunately, the CFPB has begun scaling back some of its overreach. Earlier this month, the agency dropped its lawsuit against Credit Acceptance Corporation, an auto lender. That move signals a step in the right direction — away from regulatory overreach and toward a more balanced role in the economy.
Every unnecessary enforcement action piles compliance costs on businesses, stifles innovation, and hampers economic growth. Reassessing these missteps marks progress toward a regulatory approach that defends consumers without punishing industry.
Consumers deserve clear, commonsense policies — especially after years of market confusion driven by the CFPB’s heavy hand. They also deserve policies shaped by accountable officials, not by bureaucrats operating in defiance of congressional oversight. Credit access remains essential for Americans seeking financial stability in times of need. Crafting sound regulations — and eliminating those that never made sense — protects both their financial futures and the broader economy.
Consumers also deserve protection they can trust. Creditors need clear, consistent rules to serve their customers without facing unpredictable regulatory entanglements. Any reform bill must address these concerns directly and distribute the CFPB’s remaining legitimate duties across existing, accountable agencies.
As these changes take shape, stakeholders must stay engaged. Reforms should be implemented deliberately and effectively — promoting economic growth while preserving oversight where it’s needed. If President Trump wants to cement his legacy as the president who dismantled the administrative state, he must make sure the CFPB doesn’t just get paused. It must stay gone for good.
New Laws Restrict Indiana Treasurer Who Protects Americans From Debanking
The banking industry is attempting to take programs from Indiana's state treasurer because he works to protect Christians and conservatives.Federal Reserve revokes guidance requiring banks to gain preapproval on cryptocurrency activity
The Federal Reserve has rescinded its guidance for banks related to handling cryptocurrencies and digital assets.
In a recent press release, the Federal Reserve Board said it was removing guidance that forced banks to seek special permission before dealing with digital assets.
According to the release, a 2022 supervisory letter established an expectation that banks would provide advance notification of planned cryptocurrency activities, while updating the Reserve of ongoing ventures.
The justification for the requirements included market instability, money-laundering concerns, and consumer protection.
"Certain types of crypto-assets, such as stablecoins, if adopted at large scale, could also pose risks to financial stability," the expunged letter read.
However, the board now says it will no longer expect banks to provide notification and will instead "monitor banks' crypto-asset activities through the normal supervisory process," the press release explained.
The 2023 letter, since withdrawn, required banks to demonstrate, "to the satisfaction of Federal Reserve supervisors," that the bank had controls in place in order to conduct safe transactions surrounding cryptocurrencies. This was called a "supervisory nonobjection" where banks did not get to engage in an activity and then have it scrutinized, but rather they needed to submit their "proposed activities" to the Federal Reserve in order to move forward.
This was not a form of an approval process either, though, but rather a "nonobjection."
Taking off more reins
The Federal Reserve board also said it would be working with the Office of the Comptroller of the Currency to determine if additional guidance to support innovation with crypto-asset activities is needed.
According to Crowdfund Insider, the OCC announced in March that it would be making its own changes to its Comptroller's Handbook booklets and guidance. On change from the federal agency, which works within the Treasury Department, was that it would no longer examine institutions for "reputation risk."
"The OCC’s examination process has always been rooted in ensuring appropriate risk management processes for bank activities, not casting judgment on how a particular activity may fare with public opinion," said Acting Comptroller of the Currency Rodney E. Hood.
"The OCC has never used reputation risk as a catch-all justification for supervisory action. Focusing future examination activities on more transparent risk areas improves public confidence in the OCC's supervisory process and makes clear that the OCC has not and does not make business decisions for banks."
President Trump recently signed an executive order aimed at establishing a strategic Bitcoin reserve, which at the same time forbids the acquisition of other digital assets except through forfeiture proceedings.
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Bill Targets Indiana Treasurer Who Stops Banks From Canceling Christians, Gun Owners
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