Warren Sends Elon a Stablecoin Interrogation: What's the Tea on X Money's 6% Yield?

Senator Elizabeth Warren has unloaded another broadside, dropping a spicy little letter onto Elon Musk's desk on Tuesday that basically screams "we need to talk about X Money." The incoming payments feature for the X platform apparently has Warren reaching for her reading glasses and regulatory magnifying glass simultaneously. Because nothing says "exciting Tuesday plans" quite like interrogating a billionaire about his fintech ambitions.

Warren, whose resume now apparently includes "professional crypto skeptic" right alongside "Massachusetts Senator," waved her worried flag high about X Money's potential stablecoin and crypto integrations. According to her, these offerings might just threaten both the sacred American financial system and, somehow, national security. Because apparently, meme coins and P2E gaming weren't already doing that job adequately.

The burning question on Warren's mind: Is X Money planning to drop its very own stablecoin under that juicy legal "carveout" the GENIUS Act conveniently provides? You know, that little loophole nestled snugly in legislation that lets private issuers mint their own dollar-adjacent magic beans while everyone else has to fill out paperwork.

But wait, there's more fun to be had. The limited beta preview of X Money showcases some rather intriguing offerings, including a eyebrow-raising 6% interest rate on deposits and a charming partnership with Cross River Bank—a financial institution that's had what we might generously call "close encounters of the regulatory kind" with the FDIC. Nothing says "trust us with your money