Elon Musk's Efforts to Dismantle CFPB Oversight Raise Concerns Over 'X Money' Peer-to-Peer Transactions

Elon Musk is reportedly working to dismantle the Consumer Financial Protection Bureau (CFPB), an agency that oversees financial practices and consumer protections. Former officials at the CFPB indicated that Musk's ambitions to transform his platform, X, into a digital payments service are driving these efforts. This initiative, referred to as 'X Money,' aims to facilitate peer-to-peer transactions. Critics, including Senator Elizabeth Warren, have highlighted that the CFPB's oversight would be crucial in preventing potential scams and protecting consumer data in the evolving digital payment landscape. Musk's actions have raised concerns about the implications for consumer protection as he seeks to eliminate regulatory obstacles that could hinder his financial ambitions.