President Donald Trump’s executive order says debanking could include closing accounts “on the basis of their political affiliations, religious beliefs or lawful business

President Donald Trump signed an executive order Thursday that aims to punish banks for restricting services to customers based on their political or religious beliefs, formalizing “debanking” protections that conservatives and crypto industry advocates have been pushing for.

Regulators can fine banks that they identify as having engaged in “politicized or unlawful debanking” against customers based on political or ideological beliefs, according to the order.