Sen. Elizabeth Warren warned that Elon Musk’s planned April rollout of X Money could expose consumers, national security and the broader financial system to new risks as X pushes deeper into payments, deposits and possible stablecoin activity.
X Money Launch
Warren raised the concerns in an Apr. 14 letter to Musk. She argues that X Money deserves close scrutiny before launch because X has already collected 40 state money transmitter licenses and preview materials indicate users may get deposit accounts offering as much as 6% APY.
She said those materials, along with Musk’s long-stated goal of turning X into an “everything app,” show the company is moving beyond social media and toward core financial services. This happens at a time when federal consumer oversight has weakened.
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Warren's Concerns
The senator said Musk’s record running X does not inspire confidence in his ability to manage a financial platform safely, and she pointed to past problems on the social network as well as the possibility that X Money could work with Cross River Bank, which faced FDIC enforcement actions in 2018 and 2023.
Warren also argued that the GENIUS Act contains what she called a suspicious carveout that could let private companies such as X issue stablecoins without the same approvals and guardrails that would apply to similar public companies.
Elon Musk and Crypto Ambitions
X Money remains central to Musk’s effort to turn X into a broader finance platform.
That push has already started to show in adjacent products, including Smart Cashtags, which let users track stocks and crypto assets inside the app while Visa supports X’s broader payments push.
That has kept attention on whether X Money will eventually move beyond transfers and yield products into direct crypto functionality, even though the company still has not outlined a firm plan for digital-asset payments inside the service.
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