D-CT Senator Richard Blumenthal spoke at the Senate Judiciary Committee’s hearing on the January 6 uprising, at the Hart Senate Office Building in Capitol Hill, Washington, DC on March 2, 2021.
Graeme Jennings | Reuters’ swimming pool
senator Richard Blumenthal Press this week visa Detailed plans and documents related to it trade Towards Elon MuskWhen it is ready to launch a digital wallet, its social media site X.
Blumenthal, Connecticut Democrat and Ranking member According to CNBC’s March 6, the Senate’s Permanent Subcommittee pointed out that Musk’s role in avoiding the Consumer Financial Protection Bureau (Consumer Financial Protection Bureau) is the main regulator of X currency services, which is one of the reasons for information requests.
Blumenthal wrote: “Given the unique position of Chairman and CTO Elon Musk, Chairman and Chief Technology Officer of X, as head of the government’s efficiency department, and his recent role in masking the Consumer Financial Protection Bureau… Visa will take advantage of the profound conflict of interest and bad behavior of its new business partners.”
The Senate request is one of the first signs of visa review after late January. announcement It has agreed to pay peer-to-peer on X. A few days after the transaction was disclosed, an agent from Musk’s government’s efficiency ministry gained access to the CFPB data system, leading to allegations that Musk wanted to take charge of future regulators and that he believed he Can steal The competitor’s trade secret is his new X currency service.
This letter is to Visa CEO Ryan McInerneyand also on whether social media networks known for “robots, scams and hate speech” can prevent scams and fraud from spreading on the website. Musk purchased the site in 2022 when it was called Twitter.
“These concerns raise questions about the ability to protect consumers from fraud and scams,” Blumenthal wrote.
“As the world’s largest payment processor, Visa is legally responsible to ensure its network is free of financial crimes such as scams and fraud, money laundering, terrorist financing, etc.”
Blumenthal requires detailed descriptions of Visa’s plans to enable X payments, including the service’s business model and the role of Visa, which meets regulatory requirements around money laundering and illegal remittances.
He also imposed “all records” on Visa about transactions and communications between X, Visa, Doge and CFPB personnel.
Representatives for Visa and X did not comment immediately.
