Just-In: Elon Musk’s X Payments Gets Money Transmitter License In Washington DC

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As an analyst with extensive experience in the tech and finance industries, I view Elon Musk’s X (formerly Twitter) securing a money transmitter license in Washington DC as a pivotal moment in the platform’s evolution. With this development, X is one step closer to achieving its goal of becoming an “everything app,” offering users a seamless blend of social networking and digital financial transactions.

Elon Musk’s X, previously known as Twitter, has achieved a significant achievement by obtaining a money transmitter license in Washington D.C. This licence signifies an important step forward in X’s transformation into a multi-functional “everything app.” With this addition, X can now legally provide payment services in 31 states and the District of Columbia.

Elon Musk’s goal for the platform includes an essential expansion into financial services. This development indicates a possible change in user experience, merging social media with monetary transactions. It is a component of a larger plan to evolve X from a basic social media site into a versatile service provider.

X’s Journey Towards Becoming An “Everything App”

As a researcher studying the latest developments in social media, I can tell you that X, previously recognized as Twitter, is making great strides under Elon Musk’s leadership towards transforming into an “everything app.” Recently, they have obtained a money transmitter license in Washington D.C., adding to their existing 31 state licenses and District of Columbia approval.

The recent advancement fits Musk’s ambition to evolve X into a versatile hub, enabling it to process financial deals much like PayPal or Apple Pay. Obtaining these permits is essential for X to legally offer payment solutions throughout the US.

After Elon Musk completed his $44 billion purchase of Twitter in April 2022, the social media platform went through substantial transformations. Notably, it was rebranded into X. This shift aligns with Musk’s ambitious goals to extend Twitter’s functionalities beyond social media by pursuing money transmitter licenses.

Newly uncovered documents concerning X’s licenses reveal intentions to introduce Venmo-style payment functionalities. The corporation aims to levy small fees for these transactions to spur greater user involvement and activity. X primarily expects to earn income from merchant commissions and banking offerings, such as checking accounts.

As a crypto investor, if X successfully obtains licenses in all 50 states, it would mark a significant milestone for the company. This achievement would allow X to expand its payment operations nationwide, potentially transforming the platform from a simple microblogging site into a comprehensive digital service provider. The enhanced functionality could open up new possibilities for users, broadening the scope of how we engage and utilize the platform.

Pro-XRP Lawyer’s Stance on Regulatory Capture

In a connected but distinct turn of events, attorney John E Deaton, an advocate for Ripple (XRP), has generated buzz in the cryptocurrency sector. On July 9th, he revealed his intentions to draft initial Senate bills, aimed at tackling regulatory capture within the United States Securities and Exchange Commission (SEC).

In simpler terms, Deaton’s views align with Elon Musk’s on the issue of regulators potentially taking over roles within the crypto industry. This topic arises from Deaton’s criticism of Democratic U.S. Senator Elizabeth Warren, amidst ongoing discussions about regulatory approaches towards cryptocurrencies.

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2024-07-10 17:48