An insider from the X and Dogecoin teams, known as "DogeDesigner" (@cb_doge) on the X platform (formerly Twitter), recently shared a tweet hinting at the upcoming launch of "X Payments" and its potential impact on the payments industry, particularly traditional banks. The tweet sparked excitement within the Dogecoin community, as many anticipate DOGE being included as a payment option on the popular platform.
"DogeDesigner" suggested that X Payments could disrupt and surpass traditional banks, drawing parallels to Elon Musk's Tesla, which revolutionized the automotive industry. While the X Corporation is in the process of securing licenses for payment processing in new U.S. states, the launch of the payment service on X is expected by the end of this year. However, it remains uncertain whether the platform will integrate cryptocurrencies, specifically DOGE, or focus solely on traditional payment methods.
Elon Musk's Views on Cryptocurrency and Regulation
Elon Musk has previously expressed support for integrating Dogecoin payments on Twitter, even before acquiring the platform for $44 billion in October 2022. He argued that DOGE is better suited for payments than Bitcoin, which had already been enabled for tipping on Twitter under the leadership of then-CEO Jack Dorsey.
However, Musk has also made it clear that neither X nor any of his other companies intend to release a native cryptocurrency. This stance may be influenced by regulatory concerns, particularly with the Securities and Exchange Commission (SEC). Musk has faced legal battles with the SEC in the past, notably regarding statements about taking Tesla private.
Regulatory Landscape and Ripple's Legal Battle
The SEC's classification of Bitcoin as a commodity has led to increased scrutiny of crypto companies and exchanges. Ripple Labs, in particular, has been embroiled in a legal battle with the SEC since December 2020 over whether XRP constitutes an unregistered security. A ruling in July last year determined that XRP sales on secondary markets do not qualify as security sales, providing some clarity in the ongoing regulatory landscape.