Twitter/X has been going state-by-state acquiring cash transmitter licenses. The social media platform is now authorised in 12 states.
For the final yr or so Elon Musk has made clear his intention to construct a monetary tremendous app to reinforce the platform’s ad-based revenues. However this transfer shouldn’t be going to be simple.
Whereas many main tech corporations have been increasing into monetary companies in recent times, regulators are wanting extra intently as we speak than ever earlier than at these preparations.
We now have already seen the Monetary Stability Oversight Council (a part of the Treasury Division) approve a brand new framework for regulating non-bank monetary corporations and the CFPB can be trying to broaden its oversight powers right here.
Given what a lightning rod Elon Musk is, it will likely be a more durable street for X than it might have been. Finance is constructed on stability and belief and few individuals would affiliate these two phrases with X proper now.
X/Twitter now has cash transmitter licenses in a dozen states because it gears up for tremendous app standing, however can it construct sufficient belief to achieve customers?
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