A consortium of tech industry titans with links to the Trump administration took a significant step toward the creation of a new cryptocurrency-focused bank last week, after the White House on Wednesday gave conditional approval to charter the group’s planned financial institution. Named for the J.R.R. Tolkien’s mountain of treasure in “The Hobbit,” Erebor Bank will focus on “technology companies and ultra-high-net-worth individuals that utilize virtual currencies,” the Treasury Department said in its approval letter. But before Erebor is even fully up and running, the bank’s crypto focus and right wing roots are already raising eyebrows.

‘Palmer’s political network will get this done’

Cofounded by defense-tech magnate Palmer Luckey and investor Joe Lonsdale, whose Palantir data anal

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