Hochul admin quietly cleared Elon Musk’s X Money for New York

The administration of New York Governor Kathy Hochul recently granted approval for Elon Musk's social media platform, X, to operate as a money transmitter in the state. This decision allows X to facilitate financial transactions, such as payments and remittances, through its services. The approval comes after a period of review by state financial regulators, who assess applications from companies seeking to handle monetary exchanges.

This development is significant as it permits X to expand its functionality beyond its core social media operations, potentially integrating financial services directly into the platform. Such integration could offer users new ways to send and receive money, and for X to generate revenue streams beyond advertising. The state's decision to grant this license indicates that X has met the regulatory requirements for handling financial transactions within New York.