While Democrats scramble to contain what they view as Elon Musk‘s growing influence over the Trump administration, the tech billionaire is pushing forward with his “X Money” cryptocurrency plans. The peer-to-peer payment system, announced in partnership with Visa, has Democrats worried. Really worried.
Rep. Mark Pocan didn’t mince words when he introduced the “ELON MUSK Act” to ban government contracts with the billionaire. Meanwhile, Senator Elizabeth Warren is investigating what she calls a “Trump-Musk attack on consumers.” Not subtle.
Democrats’ biggest fear? Musk’s Department of Government Efficiency getting its hands on financial data while simultaneously launching his own currency. Talk about conflicts of interest. The same guy who wants access to federal financial systems also wants you to use his money. What could possibly go wrong?
A billionaire with access to government financials wants to control your money too. What’s his endgame?
The concerns aren’t theoretical. The Consumer Financial Protection Bureau is currently suing banks over peer-to-peer payment fraud, with reimbursement rates for unauthorized payments dropping. Now imagine that system with even less oversight.
Republicans, predictably, are rejecting Democratic proposals to limit Trump and Musk’s cozy relationship. They’re backing Trump’s examination of federal agencies while Democrats accuse them of empowering a “shadow president” in Musk.
The stakes are high. Musk’s team is tackling a $2 trillion deficit, potentially affecting Medicaid and various federal programs. They’ve already paused the National Electric Vehicle Infrastructure Program, with Democrats urging the administration to unfreeze those funds.
The battle extends beyond economics into constitutional territory. Democrats emphasize the importance of co-equal branches of government, suggesting Trump and Musk are bypassing Congress with their agency changes.
All this while Musk wants to create his own money. The same Musk who tweets market-moving memes at 3 a.m. If implemented, Musk’s cryptocurrency could offer users complete control over their financial assets without traditional banking oversight.
Legal challenges to the administration’s agency changes are likely coming, especially regarding the unilateral dismantling of federal agencies. But by then, X Money might already be in your digital wallet. Ready to trust your savings to the world’s most unpredictable billionaire?
The upcoming DOGE Subcommittee hearing on February 14, focusing on improper payments and fraud, could shed light on how Musk’s initiatives might impact government financial systems.
Senator Bernie Sanders has vocally criticized Musk, referring to him as “the richest man on Earth” undermining bipartisan legislative efforts.
