New Developments in the War Against the CFPB

Rather than address health insurers gauging seniors of their last savings, Congress is passing laws to protect Fintechs from oversight, handicapping an agency that returns more money to consumers than it spends.

The Senate has voted to strip the Consumer Financial Protection Bureau (CFPB) of its authority to regulate digital payment platforms—potentially paving the way for Elon Musk’s X (formerly Twitter) to expand its financial services. While the proposal still needs approval from the House, Senators Elizabeth Warren and Adam Schiff are calling for an ethics investigation into Musk’s involvement.

Musk, through his Department of Government Efficiency (DOGE), has been pushing for financial deregulation to help transform X into an “everything app” that includes peer-to-peer payments. With a Visa partnership already secured, could X soon replace your bank? And is this reform, or a conflict of interest?

🔥 What do you think? Should digital payments be free from regulation?