Dossier
Federal Deposit Insurance Corporation (FDIC)
Coverage of Federal Deposit Insurance Corporation (FDIC) in the Nexus archive.
- Elon Musk helped write the law governing his own payment app, dismantled the regulator that would police it, and is now launching a stablecoin. Senator Warren has some questions.
Elon Musk influenced the creation of the GENIUS Act, which allows private companies like X to issue stablecoins without standard regulatory safeguards. He also played a role in dismantling the CFPB, the regulator overseeing payment products, while his new app, X Money, launches with a 6% APY, no FDIC insurance, and a banking partner with a history of regulatory violations. Senator Elizabeth Warren has demanded answers over potential conflicts of interest.