ALBANY, N.Y. (TNND) — A pair of New York state Democratic lawmakers announced Wednesday they are petitioning the state to block Elon Musk’s X from allowing its users to transfer money through the app.
X in January announced a partnership with Visa, which it said would soon enable users to transfer money similar to other money transfer services like Venmo or Zelle. The move was a step toward making X the “everything app,” it said at the time.
New York state Assemblymember Micah Lasher, D- District 69, and state Sen. Brad Hoylman-Sigal, D-District 47, wrote Wednesday they are calling on the state Department of Financial Services to deny a money transmitter license to X.
“In order to obtain a money transmitter license in New York State, an applicant must demonstrate that their ‘business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of this article, and in a manner commanding the confidence and trust of the community,’” their letter reads. “As detailed below, however, Musk 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.”
“We therefore urge the New York Department of Financial Services (DFS) not to grant X Money a New York State license, and to investigate any effort by X Money to launch in other states without having acquired a license in New York, in order to ensure compliance with New York State law and licensing requirements,” it continues.
The letter cited Musk’s work in the Department of Government Efficiency (DOGE) and his leadership of X as reasons why X should not receive the license.
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