Goddamn is the discourse on this stuff shitty.

AFAICT
>Trump's Aug 7 EO contains strong language about removing 'reputational risk' as a legitimate rationale for debanking
>this is aimed mostly at conservative causes but the Steam/ItchIO threats are based on the same reasoning
>Visa and Mastercard retain the ability to debank people based on financial risk (aka excessive chargebacks) but I can find no evidence that Steam porn games have the same chargeback problem as skeezy Russian porno sites

So it really comes down to whether or not Visa and Mastercard actually want to play moral guardian. All evidence points to NO, they're turning down money when they do so. The reason they do it anyway is that some activists are jawboning them (be they Collective Shout or the Heritage Foundation) using threats of reputation damage. This EO gives them a fig leaf, if they wish to use it, to get out of the censorship business. It's perfectly possible that credit card company lobbyists WROTE THE EO.

Either way it's too early to tell, the EO gives 120 / 180 days for compliance. But I expect card companies to comply without much fuss.