Current and former officials have expressed concerns over a team led by Elon Musk being granted access to the U.S. Treasury's payment systems, which handle sensitive data on millions of Americans. This access includes information such as Social Security, Medicare, and tax data. Former Treasury officials Graham Steele and Emily DiVito have warned that Musk's involvement could pose an existential threat to the financial system, citing risks to financial stability and public trust. They argue that Musk’s approach, described as a Silicon Valley ethos of "move fast and break things," is unsuitable for managing critical financial infrastructure. The Treasury's payment system processes billions of payments annually, totaling nearly $6 trillion, and serves as a foundation for the banking and financial system. Concerns have also been raised about potential conflicts of interest and reduced competition in financial services, as Musk has suggested plans to integrate payments into his X platform and eliminate regulatory agencies like the Consumer Financial Protection Bureau. Treasury Secretary Scott Bessent has reportedly halted the CFPB's consumer protection work, and the administration is considering eliminating the FDIC. Musk's recent partnership with Visa to incorporate payments into the X app has further amplified concerns about a consolidated financial ecosystem controlled by private interests.