Crypto negotiators sign onto bill to ban Trump-backed trust

• Key insight: Senate Banking Committee Democrats put forward a bill that would ban bank regulators from approving bank charters for entities connected to the president. 
• Forward look: While the bill has no chance of passage in this Congress, its cosigners show that Democratic sentiment toward President Donald Trump's ethics considerations related to crypto and banking is hardening. 
• What's at stake: Bankers want the CLARITY market structure bill to pass in general terms, but have lobbied hard for stricter language banning stablecoin firms from offering yield-like products. 

WASHINGTON — Lead Democratic negotiators have signed onto a bill that would ban bank regulators from approving charter applications closely linked to the president. 

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On Friday, the Office of the Comptroller of the Currency conditionally approved a national trust charter application from World Liberty Financial, a crypto company controlled by the Trump family. The lawmakers, led by Senate Banking Committee ranking member Elizabeth Warren, D-Mass., floated the legislation in response to that approval. 

The legislation itself is unlikely to gain any Republican support this Congress, which would be necessary as Republicans control both chambers of Congress. But the cosigners of the legislation include Sens. Ruben Gallego, D-Ariz., and Angela Alsobrooks, D-Md., who are leading negotiations for Democrats on the crypto market structure bill, CLARITY Act.