NYDFS tells X Money to scrap interest payments on balances from October 1

Crypto Insight Summary: New York’s financial regulator (NYDFS) has informed X, owned by Elon Musk, of its inability to pay interest on X money balances belonging to New York customers. NYDFS went on to say that the yield on such accounts will drop to 0.00% on October 1, 2026. The announcement yanks one of X’s major perks from... Crypto Insight Analysis: Direction: Neutral Impact: No Impact Horizon: Short-term (1-3 days) Reasoning: Regulatory action on X's fiat product has no direct impact on crypto markets.