Sen. Elizabeth Warren sent a letter to Elon Musk this week demanding transparency about the upcoming launch of X Money, accusing him of methodically dismantling the consumer protection infrastructure that would have overseen the payments platform while quietly building it in parallel.

Warren, ranking member of the Senate Banking, Housing, and Urban Affairs Committee, framed the X Money launch as a case of regulatory self-dealing. During Musk’s tenure as a senior adviser to President Trump, she wrote, the administration worked with Acting CFPB Director Russ Vought to fundamentally restructure the Consumer Financial Protection Bureau, shuttering its headquarters, attempting to fire close to 90% of its staff, and dropping pending enforcement actions. The CFPB, which Warren helped create under the 2010 Dodd-Frank Act, would have had direct jurisdiction over digital wallet products like X Money.

Warren’s concerns also center on X’s existing conduct under Musk’s ownership.

This story is an excerpt from the Unchained Daily newsletter.

“If your track record operating X is any indication of how you’ll operate X Money, consumers, our national security, and the stability of the financial system may be at risk,” she wrote. The platform has allowed sanctioned individuals to expand their reach and hosted paramilitary organizations’ financing campaigns, she said. 

Warren also asked pointedly whether Musk or any DOGE employee accessed confidential CFPB data on competitors to X Money during the agency’s dismantling.

Warren further raised concerns about the GENIUS Act, arguing it created a carveout allowing private companies like X to issue stablecoins without the approvals required of public commercial banks, and asked whether Musk or anyone on his behalf lobbied for that provision. The letter also questioned whether X Money will integrate crypto directly, following the platform’s rollout of smart cashtags earlier this year that let users trade stocks and crypto from their timeline.

X Money launched in limited beta last year through a Visa partnership and is expected to open for early public access this month. Deposits will be held by Cross River Bank, a lender subject to FDIC enforcement action in 2023, which Warren flagged as a further concern. Warren demanded written responses by April 21, 2026.