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.

The administration believes the practice can and has led to financial institutions closing or restricting the accounts of clients based on individuals’ controversial but constitutionally protected viewpoints or actions.