Twitter's application for a banking services license must be denied by US authorities. The evidence of the company's lack of trustworthiness—the fundamental requirement of banking—lies in the actions of its owner, Elon Musk.

In October 2022, Musk ordered his Starlink internet service to interrupt access near the Ukrainian coast, blocking control signaling for certain Ukrainian weapons that threatened Russian ships, thus effectively taking sides in the current war.

Ukraine had contracted with Musk for the service, but Musk unilaterally broke the agreement, which later allowed Russian ships to bombard the same Ukrainian coast and according to Ukraine, causing the deaths of numerous Ukrainians.

Now imagine that a class of banking clients somehow offended Musk. Might he not do the same thing? Even a temporary interruption of service to some or all users of an electronic funds forwarding system like that Musk seeks to implement could cause thousands or even millions of late payments, bankruptcies or other financial disasters for users. As with Ukraine, Musk would be in a position to choose winners and losers and to determine the course of a significant part of the economy with no oversight.

Raise your hand if you think that's a good idea. —RC