Visa (V) has been asked to hand over records of its payments deal with Elon Musk's X by Sen. Richard Blumenthal, CNBC reported Friday, citing a letter it obtained.

Blumenthal, D-Connecticut, the ranking member of the Senate's Permanent Subcommittee on Investigations, reportedly sent a letter to the company Thursday asking for detailed plans and documents on the companies' deal.

Visa struck a deal with X in January to be the social media company's first partner for X Money, its built-in payments system.

X Money will debut later this year and will allow for funding to a user's X Wallet via Visa Direct. It will also connect to a user's debit card, allowing peer-to-peer payments, and provide the option to instantly transfer funds to the user's bank account.

Blumenthal reportedly raised conflict of interest concerns over Musk's role at the Department of Government Efficiency and his position as X chairman. DOGE recently trimmed headcount at the Consumer Financial Protection Bureau, X Money's main regulator, and Visa stands to take advantage, Blumenthal reportedly said.

Visa did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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