DOGE Community Hotly Anticipates Payments Launch on X

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As an analyst with a background in finance and technology, I find “DogeDesigner’s” tweet intriguing, given the potential impact of X Payments on the payments industry and traditional banks. The Dogecoin community’s reaction is understandable, as they eagerly await the adoption of DOGE as a payment option on this popular platform.

A well-connected figure from both X and Dogecoin communities, going by the handle “@cb\_doge” or “DogeDesigner” on the X platform (previously recognized for its prominence as Twitter), has shared a tweet about the imminent rollout of “X Payments.” This announcement could bring significant changes to the payments sector and potentially disrupt traditional banking institutions.

“DogeDesigner’s” tweet ignites DOGE community

The Dogecoin community showed great excitement upon learning that DOGE might be accepted as a payment method on this widely-used platform, leading to widespread enthusiasm among its members.

In its latest tweet, X Payments was stated to surpass and outshine banks in the same revolutionary manner as another of Elon Musk’s companies, Tesla, did to the traditional automotive industry.

“𝕏 Payments” will do to Banks, what “Tesla” did to legacy auto.

— DogeDesigner (@cb_doge) May 15, 2024

The X Corporation is still obtaining payment processing licenses in additional U.S. states and is projected to introduce its payment service by the year’s end. However, it’s yet undecided if the tech entrepreneur behind X will integrate cryptocurrencies other than DOGE in this platform.

Before spending $44 billion on the acquisition in October 2022, Musk frequently expressed his belief that enabling Dogecoin payments on Twitter would be beneficial. This suggestion came after Dorsey (Twitter’s then-CEO) had already introduced tipping features for Bitcoin and Ethereum. Musk attempted to convince the public that Dogecoin is more suitable for transactions than Bitcoin.

Elon Musk, native crypto, Ripple and SEC

Last year, Elon Musk repeatedly made it understood and then very explicitly stated that neither X nor any of his other businesses plan to launch their own cryptocurrencies. It’s possible that this declaration was motivated by apprehension towards dealing with the SEC regulatory body. Musk has previously gone head-to-head with the SEC in a court case, which he won regarding “taking Tesla private at 420.”

The Securities and Exchange Commission (SEC) has classified Bitcoin as a commodity, while viewing altcoins, including XRP from Ripple Labs, as potential unregistered securities. For years, crypto businesses and exchanges have faced scrutiny from the SEC due to this classification. Since late 2020, Ripple Labs has been engaged in a legal battle with the SEC over its allegation that XRP is indeed an unregistered security.

Last July, Judge Analisa Torres made a ruling that sales of XRP on secondary markets are not considered securities sales.

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2024-05-16 16:32