NYC Lawmakers Move To Block Elon Musk Adding Money Transfers To X

UPPER WEST SIDE, NY — Elon Musk is in the process of building a money-transferring component to X, his company formerly known as Twitter, but two Upper West Side lawmakers are hoping to stop him.

Democrats New York State Assemblymember Micah Lasher and Senator Brad Hoylman-Sigal sent a letter this week urging the New York State Department of Financial Services to deny Musk a money transmitter license.

So far, X has gathered money-transmitter licenses to operate in 42 states and Washington, D.C.

If approved in all 50 states, the X Money payment system would become part of the nation's financial infrastructure, operating similarly to apps like Venmo or Zelle, where users transfer money to each other.

In the letter addressed to Adrienne Harris, the superintendent of the New York State Department of Financial Services, the two West Siders say X shouldn't receive a license, citing his work at the Department of Government Efficiency and previous data breaches at X.

"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," Lasher and Hoylman-Sigal wrote.

“For all of these reasons, we urge you to deny or revoke any application by X to operate as a money transmitter in New York and carefully scrutinize and, as appropriate, investigate ongoing conduct by the company to the fullest extent allowed by State law."

X did not immediately respond to request for comment.

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