U.S. Senator Warren: X Money Could Replace Traditional Banks, Threatening National Security and Financial Stability

Odaily News U.S. Senator Warren recently expressed concerns about Musk's planned payment platform X Money, set to launch in April, stating it could pose risks to consumer protection, national security, and the stability of the financial system. Warren pointed out that after acquiring and rebranding X, Musk is pushing it to become a "super app" covering "users' entire financial lives," potentially even replacing the traditional banking system. She questioned X's performance in security and content governance, arguing that this undermines its credibility in entering the consumer finance space. Additionally, Warren criticized the current regulatory environment for becoming more lenient, including the Trump administration's push for the "GENIUS Act," which provides a "special pathway" for private companies to issue stablecoins, potentially weakening necessary regulatory constraints. (Decrypt)