X Payment launch dey face Warren scrutiny over stablecoin and bank risks

U.S. Senator Elizabeth Warren warn say Elon Musk dem wan launch X Money fit bring wahala for consumer protection, financial stability and national security. For letter wey carry April 14 date, she ask X Corp make dem respond by April 21. Warren talk say X Money fit join hand with Cross River Bank, bank wey FDIC don dey target with enforcement actions for 2023 over unsafe and unsound practices. She still question X Money claim wey talk say deposits fit give up to 6% APY, noting federal funds rate dey around 3.75% and e no clear wetin dem go invest for to support those returns. The senator point to past compliance wahala wey relate to X, like verified accounts wey dey enable activity wey connect to sanctioned groups, plus concerns about fraud, child sexual abuse material, and data privacy failures. She add say if X Money include stablecoin issuance, e fit shape regulatory environment—maybe through one “GENIUS Act” carveout wey fit allow some private issuers to face less approvals and safeguards. Elsewhere, crypto commentator Tat Thang argue say X Money fit put pressure on fintechs by using X big user base and in-app finance features (e.g., Smart Cashtags and brokerage routing). Traders dey also watch for possible support for stablecoins and meme-coins, including DOGE, as X Money still dey beta and people dey expect say public access fit come soon.