https://techcrunch.com/2022/11/09/elon-musk-details-his-vision-for-a-twitter-payments-system/

Elon Musk detailed his vision for Twitter’s plan to enter the payments market during a live-streamed meeting with Twitter advertisers, hosted on Twitter Spaces on Wednesday. The new Twitter owner suggested that, in the future, users would be able to send money to others on the platform, extract their funds to authenticated bank accounts, and later, perhaps, be offered a high-yield money market account to encourage them to move their cash to Twitter.

The new remarks followed a report this morning by The New York Times which confirmed Twitter last week had filed registration paperwork that would allow it to process payments. The report cited Twitter’s filing with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), noting that a business would need to register before it could conduct money transfers, exchange currency or cash checks.