We're talking about people having their work destroyed and possibly seeing their livelihoods ruined because they harmed a company's profits. I'm not comfortable with that, and I'm sure as hell not comfortable with it being done as easily as the article suggests.
Here in Canada, telecommunications is a regulated industry and payment processing is an unregulated industry. That makes all the difference. In Canadian terms, you are asking whether payment processing should become a regulated industry with formal rules about who providers must serve and under what circumstances they can decline to provide service.
As a footnote, we Canadians have laws about the particular example you gave that don't translate well in the USA.
http://science.jrank.org/pages/9967/Liberty-Contemporary-Con...