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Senator Elizabeth Warren questions Elon Musk about X Money
TL;DR
Senator Elizabeth Warren has requested information from Elon Musk regarding X Money, a new payments feature for the X platform. She raised concerns about potential risks associated with its stablecoin and cryptocurrency integrations.
Key points
- Senator Elizabeth Warren questions Elon Musk about X Money
- X Money is a payments feature for the X platform
- Concerns raised about risks to financial system and national security
- Potential stablecoin issuance under GENIUS Act
- Warren is a longtime critic of Musk and cryptocurrency
Mentioned in this story
Elizabeth WarrenElon Musk
XGENIUS Act
US Senator Elizabeth Warren has asked Elon Musk for information on X Money, a payments feature that is expected to be integrated into the X social media platform in the near future.
Warren, who is a longtime critic of Musk and the cryptocurrency industry, wrote in a letter on Tuesday that X Money’s potential stablecoin and crypto integrations could pose risks to the financial system and US national security.
She questioned whether the platform would also issue its own stablecoin, under a legal “carveout” in the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which allows private companies to issue their own stablecoins.
Senator Elizabeth Warren’s letter seeking information about the upcoming X Money launch. Source: Senate Committee on Banking, Housing and Urban Affairs
Warren said X Money’s limited beta preview suggests it will offer 6% interest on deposits and partner with Cross River Bank, which was subject to enforcement action by the Federal Deposit Insurance Corporation (FDIC), a banking regulator. She said:
“It is unclear what risky investments, intrusive data monetization activities or gimmicks either X Money or Cross River may intend to engage in to pay that yield when the target Federal Funds Rate is 3.5-3.75%.”
Warren’s letter could signal pushback from US lawmakers against private companies issuing stablecoins under the GENIUS stablecoin regulatory framework, which opens the door for the tech sector and non-banks to issue US dollar-pegged tokens.
Q&A
What is X Money and how will it be integrated into the X platform?
X Money is a payments feature expected to be integrated into the X social media platform, allowing for transactions potentially involving stablecoins and cryptocurrencies.
What concerns did Senator Elizabeth Warren raise about X Money?
Senator Warren expressed concerns that X Money's stablecoin and crypto integrations could pose risks to the financial system and US national security.
Will X Money issue its own stablecoin under the GENIUS Act?
Senator Warren questioned whether X Money would issue its own stablecoin, which could be permitted under a legal carveout in the GENIUS Act.
