Senator Richard Blumenthal, D-CT, is expressed during a hearing of the Senate’s judicial committee on the January 6 insurrection, in the Hart Senate office building on Capitol Hill in Washington, DC, on March 2, 2021.
Graeme Jennings | Pool via Reuters
Senator Richard Blumenthal has grown this week Visa For detailed plans and documents linked to its agreement to provide payment services to the Elon Musk’s social media site, when he is preparing to launch a digital portfolio.
Blumenthal, a Connecticut Democrat and the classification member of the Senate permanent subcommittee, stressed the role of Musk in Hobbling The Consumer Financial Protection Bureau – Consumer watchdog which would be a key regulator of the CNBC.
“Given the unique position of the president and director of X technology, Elon Musk, as head of the Ministry of Effectiveness of the Government and his recent role in the evisceration of the Consumer Financial Protection Office … Visa is to take advantage of the conflicts of deep interests and the unscrupulous conduct of his new trading partner,” wrote Blumenthal.
The Senate’s request is one of the first signs of visa control, which manages the largest network of credit cards in the world, after an announcement at the end of January to have agreed to feed the payments of Peer-to-Peer on X. Days after the disclosure of the agreement, the agents of the Musk department of the government’s efficiency of its emerging money service.
The letter, addressed to the CEO of Visa, Ryan Mcinerney, also threw doubts as to whether a network of social media known for “robots, scams and hate speeches” could prevent scams and fraud to proliferate on the site. Musk bought the site in 2022, when he was known as Twitter.
“These concerns raise questions about X’s ability to protect consumers from fraud and scams as it ventures into the financial sector,” wrote Blumenthal.
“As the most important payment processor in the world, Visa has legal responsibility to ensure that its network is free from financial crimes such as scams and fraud, money laundering, terrorist financing, etc.”, he said.
Blumenthal asked for a detailed description of visa plans to allow payments on X, including the service model of the service and the role of the visa in accordance with regulatory requirements concerning money laundering and illegal funding.
He also pressed the visa for “all recordings” linked to the agreement and communications between staff X, Visa, DOGE and CFPB.
Visa and X representatives had not immediately commented.
