Elon Musk's X Payments Gets Money Transmitter License In Washington DC

Highlights

Elon Musk's X Application secures a crucial money transmitter license in Washington DC.
The move signals X's evolution beyond social media into a multi-functional digital service provider.
Plans include Venmo-like payment features and expansion to all 50 states for comprehensive service coverage

Elon Musk’s X (formerly Twitter) has obtained a money transmitter license in Washington DC, marking a significant milestone in its evolution towards becoming an “everything app.” This latest development brings the total number of jurisdictions where X can legally operate payment services to 31 states plus the District of Columbia.

This expansion into financial services represents a crucial step in Elon Musk’s vision for the platform. It signals a potential shift in how users will interact with X, blending social networking with digital financial transactions. The move is part of a broader strategy to transform X from a simple social media platform into a multi-functional service provider.

X’s Journey Towards Becoming An “Everything App”

X, the social media platform formerly known as Twitter, has taken another significant step towards becoming an “everything app” under Elon Musk’s leadership. The company has now secured a money transmitter license in Washington DC, bringing its total to 31 states plus the District of Columbia.

This latest development aligns with Musk’s vision to transform X into a multi-functional platform capable of handling financial transactions similar to PayPal or Apple Pay. The acquisition of these licenses is crucial for X to operate payment services across the United States.

Since Musk’s $44 billion acquisition of Twitter in April 2022, the platform has undergone significant changes, including its rebranding to X. The push for money transmitter licenses aligns with Musk’s ambitious plans to expand the platform’s capabilities beyond social media.

Recent documents related to these licenses have revealed plans for Venmo-like payment features on X. The company intends to charge minimal fees for its payment services, aiming to boost user engagement and participation. X plans to generate revenue primarily through merchant fees and banking services, including checking accounts.

If X manages to secure licenses in all 50 states, it would enable full-scale payment operations across the entire country. This could potentially reshape how users interact with and utilize the platform, moving it beyond its origins as a microblogging site to a more versatile digital service provider.

Also Read: Judge Issues Key Orders In Binance Vs SEC For Motions To Amend Ruling

Pro-XRP Lawyer’s Stance on Regulatory Capture

In a separate but related development, pro-XRP lawyer John E Deaton has gained attention in the crypto industry with his recent posts on X. On July 9, Deaton shared his plans for initial Senate Bills, focusing on addressing regulatory capture within the U.S. Securities and Exchange Commission (SEC).

Deaton’s comments align with Elon Musk’s statements, highlighting a shared concern about regulators transitioning into similar industry roles. This discussion comes in the context of Deaton challenging Democratic U.S. Sen. Elizabeth Warren, drawing attention to the ongoing debate about regulatory practices in the crypto industry.

Also Read: Germany’s Bitcoin Holdings Drop to 15,100 In Recent Sell-Off

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