President Donald Trump’s executive order targeting what he calls “debanking” of conservative groups, crypto firms, and gunmakers sets up a tough balancing act for banks and the regulators that oversee them.

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.

In a new executive order, the US president has called on federal regulators to investigate and punish banks for alleged discrimination against conservatives and certain types of business.