{"id":15327,"date":"2025-09-05T00:28:00","date_gmt":"2025-09-05T00:28:00","guid":{"rendered":"https:\/\/yohrt.com\/news\/x-faces-regulatory-pushback-over-in-stream-payments-plan\/"},"modified":"2025-09-05T00:28:00","modified_gmt":"2025-09-05T00:28:00","slug":"x-faces-regulatory-pushback-over-in-stream-payments-plan","status":"publish","type":"post","link":"https:\/\/yohrt.com\/news\/x-faces-regulatory-pushback-over-in-stream-payments-plan\/","title":{"rendered":"#\n                X Faces Regulatory Pushback Over In-Stream Payments Plan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/yohrt.com\/news\/x-faces-regulatory-pushback-over-in-stream-payments-plan\/#X_Faces_Regulatory_Pushback_Over_In-Stream_Payments_Plan\" >X Faces Regulatory Pushback Over In-Stream Payments Plan<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"X_Faces_Regulatory_Pushback_Over_In-Stream_Payments_Plan\"><\/span>\n                X Faces Regulatory Pushback Over In-Stream Payments Plan<br \/>\n            <span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<p><span><span><span><span><span>It seems like Elon\u2019s \u201ceverything app\u201d vision is going to take a little longer to come together, with X reportedly <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.theinformation.com\/articles\/elon-musks-x-money-plans-stalled-regulators-staff-turnover\" style=\"color:blue\">having a tough time<\/a> gaining regulatory approval for a money transmitter license in New York, which is a key state for its \u201cX Money\u201d plan. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>According to the new report from <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.theinformation.com\/articles\/elon-musks-x-money-plans-stalled-regulators-staff-turnover\" style=\"color:blue\">The Information<\/a>, New York regulators have raised concerns about X\u2019s suitability in handling money, due to its drastic staff cuts, its capacity to address potential misuse, and Musk\u2019s own track record of flaunting regulatory processes in other forms. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Elon has regularly challenged whatever structural body stands in the way of progressing his companies\u2019 goals, including the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.msnbc.com\/opinion\/msnbc-opinion\/elon-musk-memo-twitter-workers-means-ftc-troubles-rcna57046\" style=\"color:blue\">FTC<\/a>, the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2018-226\" style=\"color:blue\">SEC<\/a>, the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/02\/27\/elon-musk-starlink-faa-safety-claims.html\" style=\"color:blue\">FAA<\/a>, basically every government-appointed that\u2019s body responsible for overseeing the rules relating to his various businesses. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Being the richest man in the world would clearly embolden you in this respect, but it\u2019s also now led to increased wariness of such approvals for Elon\u2019s projects, knowing that he\u2019s likely to skirt the rules, where possible, and seek legal recourse to force changes in his favor. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Evidently, that\u2019s at least part of the reason why New York officials are less inclined to grant X a money transmitter license in the state.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Back in May, New York Senator Brad Hoylman-Sigal and Assembly Member Micah Lester <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.nysenate.gov\/newsroom\/press-releases\/2025\/brad-hoylman-sigal\/letter-department-financial-services-x-money\" style=\"color:blue\">published an open letter<\/a> which called on the <\/span><\/span><span><span>New York Department of Financial Services to decline X\u2019s money transmitter application, on the grounds that:<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><em><span><span>\u201cMusk has engaged in a pattern of reckless conduct, in both business and government, that has put consumers at risk and demonstrated a lack of character and general fitness.<\/span><\/span>\u201d<\/em><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>That, seemingly, is part of what\u2019s prompted the hold-up in approval in New York, while concerns have also been raised about <\/span><\/span><span><span><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.documentcloud.org\/documents\/23941916-open-letter\" style=\"color:blue\">X\u2019s \u201ctroubling and deep ties\u201d to the Kingdom of Saudi Arabia<\/a>, due to Saudi Crown Prince Mohammed bin Salman being <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.middleeastmonitor.com\/20240528-saudi-prince-among-top-investors-in-elon-musks-new-ai-company\/\" style=\"box-sizing:inherit; color:blue; cursor:pointer\"><span>an investor in Musk\u2019s X project<\/span><\/a>. <\/span><\/span><span><span><span><span>The Kingdom of Saudi Arabia, one filing alleges, has a long history of brutality and repression, which it claims \u201chas been fueled and enabled\u201d by the platform itself.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>The blockage in New York is a major hold-up for X\u2019s future vision, with X having already been granted money transmitter approvals in at least 38 other states. Because even with those other states, New York remains a key hurdle, and one which even Musk himself has admitted is critical to facilitating the first stage of his X Money push. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>X actually withdrew its money transmitter application in New York late last year, and it\u2019s since been working with NY officials to address their concerns. But the latest report from The Information suggests that those talks have not progressed, which leaves Elon\u2019s whole payments and financial dream for the X platform up in the air.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Because, as noted, this is the central element of Elon\u2019s \u201ceverything app\u201d vision. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Elon\u2019s original vision for an all-in-one payments\/social platform came about back in the year 2000, when he <\/span><\/span><span><span>business partner David Sacks mapped out a <\/span><\/span><span><span><span><span><span>product strategy for PayPal, where they were both employed at the time. That, conceptually, would transform PayPal into an all-encompassing digital financial platform, but after Elon left PayPal in 2001, the company <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.theverge.com\/2023\/10\/26\/23934216\/x-twitter-bank-elon-musk-2024\" style=\"box-sizing:inherit; color:blue; cursor:pointer\"><span>abandoned the idea<\/span><\/a>, and rolled back several key features.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Elon has remained welded to the concept ever since, even noting that purchasing Twitter was an \u201c<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/elonmusk\/status\/1577428272056389633?lang=en\" style=\"box-sizing:inherit; color:blue; cursor:pointer\"><span>accelerant to X<\/span><\/a>\u201d, which revived his concept for an all-in-one financial and engagement app.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>So, essentially, payments are the backbone of the whole process. And without it, X is just Twitter, with a few different bells and whistles.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>What does that mean for the platform\u2019s growth prospects, and how will Elon maximize its opportunities if he can\u2019t actually build the fully-functioning utility that he envisions? <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Really, there are no guarantees that people will warm to X Money anyway, and it\u2019s highly doubtful that a large number of people are going to trust X as their new bank, as Elon hopes.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>But if it can\u2019t gain relevant approval in New York, Musk may have to lower his expectations for the app, and scale-back is potential as a business entity. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Which would be an extremely tough pill to swallow for the eccentric billionaire, and I can\u2019t imagine that\u2019s going to happen without a significant fight. <\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>Yet, if the reports are correct, X will have to move to a plan B, and develop a new way forward for Elon\u2019s social media project.<\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/yohrt.com\/news\/social-media\/\" target=\"_blank\" >Social Media<\/a><\/span> category.<\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.socialmediatoday.com\/news\/x-formerly-twitter-faces-regulatory-pushback-over-payments-plan\/759350\/\" target=\"_blank\" >Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>X Faces Regulatory Pushback Over In-Stream Payments Plan It seems like Elon\u2019s \u201ceverything app\u201d vision is going to take a little longer to come together, with X reportedly having a tough time gaining regulatory approval for a money transmitter license in New York, which is a key state for its \u201cX Money\u201d plan. According to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":15328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/imgproxy.divecdn.com\/unfmmF8wZI6o8OjVajckhaX-bwum9_eI6HzStBjd2MY\/g:ce\/rs:fit:770:435\/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS94X2xvZ28zLnBuZw==.webp","fifu_image_alt":"","footnotes":""},"categories":[3],"tags":[1490],"class_list":["post-15327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-media","tag-x-twitter"],"_links":{"self":[{"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/posts\/15327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/comments?post=15327"}],"version-history":[{"count":0,"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/posts\/15327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/media\/15328"}],"wp:attachment":[{"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/media?parent=15327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/categories?post=15327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yohrt.com\/news\/wp-json\/wp\/v2\/tags?post=15327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}