UAE’s stake in Trump crypto bank, Kraken’s in Hyperliquid US plan

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7. UAE’s stake in Trump crypto bank, Kraken’s in Hyperliquid US plan

President Donald Trump’s new crypto-focused bank is 49% owned by the same United Arab Emirates sheikh who owns 49% of Trump’s token-issuing platform, but nobody is claiming ownership of a new memecoin that advertised a Trump affiliation.

On August 27, the Treasury Department’s Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued a joint final rule defining the term ‘unsafe or unsound practice’ as it applies to their supervision of U.S. banks.

Specifically, the new rule prioritizes guarding against “material harm to financial condition” while removing ‘reputational risk’ from the criteria. The move follows the two agencies’ 2025 decision to eliminate ‘reputational risk’ when weighing whether financial institutions’ crypto-related activities pose a threat to customers’ financial safety.

The change, which will take effect in 60 days from the order’s publication, originated via a 2025 executive order from President Trump that aimed to address the crypto bro conspiracy theory known as Operation Choke Point 2.0, aka the alleged Biden-era witch hunt against blockchain operators who dared seek greater access to U.S. fiat financial rails.