Sen. Elizabeth Warren (D-Mass.) publicly questioned Elon Musk’s fitness to run X Money, one day before her deadline for Musk to respond to an April 14 letter flagging consumer, financial stability and national security risks.
Warren, the Senate Banking Committee ranking member, is pressing Musk on whether X Money will issue a stablecoin, whether it will surveil and monetize user transaction data, and what controls it will have to prevent scams, fraud and illicit finance.
Cross River Bank’s Rap Sheet
Warren’s letter flagged that X Money deposits appear to be held by Cross River Bank, based on screenshots posted by actor William Shatner, who received early access.
The 6% APY headline feature is offered through the same bank. Cross River is a repeat FDIC enforcement target, hit …
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