The U.S. Senate has voted to strip the Consumer Financial Protection Bureau (CFPB) of its power to regulate digital payment platforms like X, Venmo, PayPal, and Zelle, following a push by Republican lawmakers. This move comes as X, owned by Elon Musk, plans to introduce a peer-to-peer payment system. The resolution, which still needs House approval, would nullify a CFPB rule from last year that extended the agency's oversight to digital payment apps. The effort to limit the CFPB's authority has been met with criticism from Democrats, who are concerned about potential conflicts of interest involving Musk. Senators Elizabeth Warren and Adam Schiff have called for an ethics investigation into Musk's role with the Department of Government Efficiency (DOGE), questioning whether his involvement with DOGE at the CFPB could benefit his companies, including X and Tesla. Conservative activist Laura Loomer has criticized the move, pointing out that it could lead to increased instances of 'debanking'. The Senate's decision follows a period of turmoil at the CFPB, where Musk's DOGE has been linked to significant staff reductions and operational slowdowns. The agency's former director, Rohit Chopra, was fired by President Trump, and the new acting director, Russell Vought, has implemented policies that have severely hampered the agency's work. Musk posted 'RIP CFPB' on X after an initial stop-work order was issued to the agency. Senator Josh Hawley was the only Republican to vote against the resolution.