Senator Richard Blumenthal, D-CT, speaks during a hearing from the Senate Justice Committee on January 6th in the office of the Senate of the Senate at Capitol Hill in Washington, DC, March 2, 2021.
Graeme Jennings | Pool over Reuters
Senator Richard Blumenthal pressed this week visa Detailed plans and documents in connection with his deal to provide payment services for the social media website of Elon Musk, X, because it is preparing to start a digital wallet.
Blumenthal, a Democrat from Connecticut and the ranking member of the Senate's constant subcommittee on investigations, Musks role in the limp of the consumer financial office -the consumer -wachhund, which would be an important regulatory authority of the X Money service -as with the reasons for the information request for a letter received from CNBC on March 6.
“In view of the unique position of the X Chairman and Chief Technology Officer Elon Musk as head of the Department of Government Efficiency and his latest role in the expression of the consumer financial office … Visa will exploit the deep conflicts of interest and unscrupulous behavior of his new business partner,” wrote Blumenthal.
The Senate's request is one of the first signs of testing the visa that operates the world's largest credit card network after it announced at the end of January that it had approved X-to-peer payments. Days after combating the deal, which had made operational from the government's Ministry, the efficiency of CFPB data was given. Its resulting X Money Service.
The letter directed to the CEO of Visa, Ryan Mcinerney, has also followed doubts as to whether a social media network that is known for “bots, fraud and hate speech” would be able to prevent fraud on the website. Musk bought the website in 2022 when it was known as a Twitter.
“These concerns raise questions about the ability of X to protect consumers from fraud and fraud if they switched to the financial sector,” wrote Blumenthal.
“As the largest payment settler in the world, Visa is legally responsible to ensure that his network is free of financial crimes such as fraud and fraud, money laundering, terrorist financing and much more,” he said.
Blumenthal asked to enable a detailed description of the plans of Visa to make payments on X, including the business model of the service and the role of visa in accordance with the official requirements for money laundering and illegal transfers.
He also urged a visa for “all records” in connection with the deal and communication between X, Visa, Doge and CFPB employees.
“We are currently reviewing the letter and will react appropriately,” said a Visa spokesman in a statement.
A representative of X had no comment.
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