Elon Musk is making headlines again. His social media platform – X, formerly known as Twitter, which he acquired almost a year ago, has officially obtained a license from Rhode Island. But what is the purpose of this license? It’s required for businesses involved in money transmission activities, including those related to cryptocurrencies.
This particular license is issued by the Rhode Island Department of Business Regulation (DBR) under the Money Transmitters Act. The requirements and application process vary, but they typically involve providing detailed information about the business, its finances, security measures, and compliance procedures.
So, from now on, X (formerly Twitter) will have the capability to store, transfer, process payments, and exchange Bitcoin and other digital assets on behalf of its users.
Elon Musk hasn’t been secretive about his plans. He has expressed his intention to transform the X platform into a “one-stop-shop” where users can not only communicate but also conduct all their financial transactions.
It’s worth noting that even before Elon Musk took the helm, Twitter had collaborated with Strike to enable users to make microtransactions in Bitcoin.
In other news, we finally learned who the third-largest holder of Bitcoin is. It’s not the Gemini exchange, as previously speculated, but according to the on-chain research company Arkham Intelligence, it’s the financial company Robinhood. The wallet contained approximately $3.1 billion worth of Bitcoin, likely on behalf of its customers.
However, it’s not BlackRock or a major player who has applied for a Bitcoin ETF on the spot market. This means that significant institutional players haven’t started buying in yet, waiting for approval from the U.S. Securities and Exchange Commission (SEC).
Unfortunately, something like this isn’t expected to happen immediately, as the SEC has decided to play the waiting game, according to Bloomberg analysts. The first deadline has passed, and the next one is in 45 days.
Nevertheless, the landscape has changed after Grayscale’s victory in court, which ruled that the SEC’s primary reason for denying the conversion of their fund into an ETF, namely market manipulation concerns, is unfounded.
Of course, the appellate court’s decision doesn’t guarantee the approval of a Bitcoin ETF, but the odds have certainly improved.
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