New York (CNN) — President Donald Trump is expected to sign an executive order Thursday that would 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 order directs federal banking regulators to remove the “reputational risk” language from their guidance to lending institutions — a broad concept that crypto and other businesses say led mainstream lenders to ice them out. It also instructs regulators to review banks’ past or current policies “encouraging politicized or unlawful debanking,” according to a senior White House official.

Debanking is an umbrella term for when a bank rejects a customer, which can happen for any number of

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