Elon Musk, who will soon step into the ring with Mark Zuckerberg, is now targeted by the US government. The eternal rival of Mark Zuckerberg and potential cage match opponent Elon Musk has a lesson for the Government: Pay attention. It seems that the mischievous billionaire’s goals are not pleasing to the government.
Twitter Crypto Payments
Elon Musk has not yet announced support for crypto payments and furthermore, he does not give any signals that he will do so soon. The reason for this is regulatory uncertainty. However, even in this state, Musk could face the government due to the steps taken by Twitter (X) in payments. Could his revelations about the Biden administration be related to this pressure?
Lawmakers warn that Musk may face scrutiny if he advances plans to turn social media giant X, formerly known as Twitter, into a financial services provider. Morgan Beller, the co-founder of the failed Facebook crypto project known as Libra, argued that big companies become targets of the government when they take such steps and said, “We need permission, not forgiveness.” The Libra team recently launched Aptos with Move support.
Libra and X (Twitter)
Representative Bill Foster said in an interview that Musk will have a similar fate to Zuckerberg. This actually seemed like a veiled threat. Musk’s vision is just beginning to take shape. Last month, news came that the application will soon expand financially. It is already known that X has obtained money transfer licenses in some states and is working on stock trading features. This will be a second step in the financial services field for Musk, who started his business career with the online payment platform PayPal.
Representative French Hill, who chairs a subcommittee on digital assets in the House of Representatives, said the following about this:
“This will receive its fair share of scrutiny. Just like you witnessed four years ago when Zuckerberg and David Marcus talked about their failed Libra project here.”
Why does it matter if X officially confronts and comes under scrutiny by the US government? In this scenario, the possibility of price increase in crypto with X support will be put on hold in the medium term and we will likely see a decrease in the price of DOGE during this process.
