Aug 31, 2023

Elon Musk's social media platform, X (formerly Twitter), has obtained payments licenses from several U.S. states in recent months, including a currency transmitter license in Rhode Island that is required for offering crypto services.

Video transcript

Elon Musk's formerly known as Twitter has obtained money or currency transmitter licenses in seven US states. With the most recent one being Rhode Island, Musk has hinted at supporting crypto on the platform for a while even briefly changing the logo from Twitter's bird to the Doge coin dog before rebranding Amato. What are your thoughts on this new development? Thoughts? That's a very interesting word you've used right now, Jen. Yeah, look, it's Elon Musk man. He does anything we got to take note and it's X now, of course, uh formerly Twitter that has done this. Now, here's what happened on Twitter when news got out of Rhode Island and some of these other payment licenses from the other several US states, everyone got excited and like, ok, he's probably offering crypto services, but that's not the case. Rhode Island's license does allow for uh the ability for or Elon Musk to basically go ahead and offer crypto services. We don't know if that actually means that he is now offering crypto services. Obviously, he isn't otherwise, we probably know he kind of tweets everything out and as for the other states that we, we know of we, you know, every state has, has different requirements and all we can say right now is that, uh just because in these other states, uh to be specific, Arizona, Maryland, Maryland, Georgia, Michigan, Missouri, New Hampshire. Uh it doesn't necessarily mean that the license means they're gonna actually, they can actually offer crypto services. One theory out there is obviously that he's just getting his ducks in a row if and when the SEC backs down, I think that's an important point to bring up a payment services doesn't always mean crypto services. Although this is a very crypto focused new show, you know, this reminds me of coin base ambitions also to create a super app that has messaging and payments involved. I believe that Brian Armstrong has said that their goals are to be the wechat of the West seems like there's a little bit of a race going on here. Um And I look forward to seeing the developments uh as we move forward.

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