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New York Lawmakers Urge Rejection of Musk’s Money Transmission License Application

A pair of state lawmakers have urged New York's Department of Financial Services to deny Elon Musk's bid to run a peer-to-peer payments platform through X, warning that his "reckless conduct" raises doubts over his ability and intent to comply with regulations. Citing risk to consumers and New York's financial system, Democratic Assemblymember Micah Lasher and Democratic Sen. Brad Hoylman-Sigal warned DFS Superintendent Adrienne Harris in a four-page letter Wednesday to not grant X Corp's financial services subsidiary, X Money, the money transmission license the company requires to transfer funds on behalf of customers in the state. X Money, in...

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