SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
An X Money account is displayed on a mobile phone with Visa in the background, in this photo illustration in Brussels, Belgium, on January 29, 2025.
Photo by Jonathan Raa/NurPhoto via Getty Images
House GOP Prepares to Make It Easier for Tech Giants—Like Musk's X—to Scam Consumers
"Allowing companies like Apple, PayPal, and X Money to avoid federal laws creates a blind spot for rampant financial abuse and fraud," said one watchdog group.
Mar 11, 2025
House Republicans on Tuesday are expected to join their Senate colleagues in advancing a resolution that would roll back a Consumer Financial Protection Bureau rule designed to protect the American public from scammers on digital payment platforms, a move that watchdog groups say would personally benefit President Donald Trump and billionaire Elon Musk.
The House resolution, led by Rep. Mike Flood (R-Neb.), targets a CFPB rule that was finalized shortly after the November election, in the waning days of the Biden administration. The CFPB said at the time that the rule would help ensure that companies offering digital payment services "follow federal law just like large banks, credit unions, and other financial institutions."
But the CFPB is now led by Project 2025 architect Russell Vought, who has halted virtually all of the agency's work while Musk's Department of Government Efficiency overtakes the bureau, looking to gut it from the inside.
With their effort to rescind the CFPB's digital payments rule, congressional Republicans are aiding Musk's assault on the CFPB and delivering a major win for his push into financial services with X Money. The Senate voted mostly along party lines to rescind the rule last week.
"This is a gift to Big Tech and likely the personal finances of Trump and Musk themselves," Tony Carrk, executive director of Accountable.US, said in a statement as the GOP-led House Financial Services Committee took up the resolution. "These companies process over 13 billion transactions a year, and millions of Americans are relying on them for safe and secure payments."
"Allowing companies like Apple, PayPal, and X Money to avoid federal laws creates a blind spot for rampant financial abuse and fraud," Carrk added.
Accountable.US noted in a recent report that both Trump and Musk stand to benefit financially from efforts to gut the CFPB and eliminate rules enacted under the Biden administration.
"Last year, Trump Media & Technology Group filed a trademark to create a broad financial services platform Truth.Fi," the group observed. "The products and services they said they would perform included the creation of a 'downloadable computer software' that serves as a 'digital wallet' to store and trade cryptocurrencies as well as a digital payments processing platform for purchases made with cryptocurrencies."
That initiative and Musk's X Money would fall under the purview of the rule that congressional Republicans are poised to roll back.
In a CNN appearance on Monday, former CFPB Director Rohit Chopra said that Musk and other powerful corporate executives are "fixated" on the consumer bureau because it is "responsible for monitoring all of those tech companies for how they're moving our money to protect against privacy errors and fraud."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
House Republicans on Tuesday are expected to join their Senate colleagues in advancing a resolution that would roll back a Consumer Financial Protection Bureau rule designed to protect the American public from scammers on digital payment platforms, a move that watchdog groups say would personally benefit President Donald Trump and billionaire Elon Musk.
The House resolution, led by Rep. Mike Flood (R-Neb.), targets a CFPB rule that was finalized shortly after the November election, in the waning days of the Biden administration. The CFPB said at the time that the rule would help ensure that companies offering digital payment services "follow federal law just like large banks, credit unions, and other financial institutions."
But the CFPB is now led by Project 2025 architect Russell Vought, who has halted virtually all of the agency's work while Musk's Department of Government Efficiency overtakes the bureau, looking to gut it from the inside.
With their effort to rescind the CFPB's digital payments rule, congressional Republicans are aiding Musk's assault on the CFPB and delivering a major win for his push into financial services with X Money. The Senate voted mostly along party lines to rescind the rule last week.
"This is a gift to Big Tech and likely the personal finances of Trump and Musk themselves," Tony Carrk, executive director of Accountable.US, said in a statement as the GOP-led House Financial Services Committee took up the resolution. "These companies process over 13 billion transactions a year, and millions of Americans are relying on them for safe and secure payments."
"Allowing companies like Apple, PayPal, and X Money to avoid federal laws creates a blind spot for rampant financial abuse and fraud," Carrk added.
Accountable.US noted in a recent report that both Trump and Musk stand to benefit financially from efforts to gut the CFPB and eliminate rules enacted under the Biden administration.
"Last year, Trump Media & Technology Group filed a trademark to create a broad financial services platform Truth.Fi," the group observed. "The products and services they said they would perform included the creation of a 'downloadable computer software' that serves as a 'digital wallet' to store and trade cryptocurrencies as well as a digital payments processing platform for purchases made with cryptocurrencies."
That initiative and Musk's X Money would fall under the purview of the rule that congressional Republicans are poised to roll back.
In a CNN appearance on Monday, former CFPB Director Rohit Chopra said that Musk and other powerful corporate executives are "fixated" on the consumer bureau because it is "responsible for monitoring all of those tech companies for how they're moving our money to protect against privacy errors and fraud."
House Republicans on Tuesday are expected to join their Senate colleagues in advancing a resolution that would roll back a Consumer Financial Protection Bureau rule designed to protect the American public from scammers on digital payment platforms, a move that watchdog groups say would personally benefit President Donald Trump and billionaire Elon Musk.
The House resolution, led by Rep. Mike Flood (R-Neb.), targets a CFPB rule that was finalized shortly after the November election, in the waning days of the Biden administration. The CFPB said at the time that the rule would help ensure that companies offering digital payment services "follow federal law just like large banks, credit unions, and other financial institutions."
But the CFPB is now led by Project 2025 architect Russell Vought, who has halted virtually all of the agency's work while Musk's Department of Government Efficiency overtakes the bureau, looking to gut it from the inside.
With their effort to rescind the CFPB's digital payments rule, congressional Republicans are aiding Musk's assault on the CFPB and delivering a major win for his push into financial services with X Money. The Senate voted mostly along party lines to rescind the rule last week.
"This is a gift to Big Tech and likely the personal finances of Trump and Musk themselves," Tony Carrk, executive director of Accountable.US, said in a statement as the GOP-led House Financial Services Committee took up the resolution. "These companies process over 13 billion transactions a year, and millions of Americans are relying on them for safe and secure payments."
"Allowing companies like Apple, PayPal, and X Money to avoid federal laws creates a blind spot for rampant financial abuse and fraud," Carrk added.
Accountable.US noted in a recent report that both Trump and Musk stand to benefit financially from efforts to gut the CFPB and eliminate rules enacted under the Biden administration.
"Last year, Trump Media & Technology Group filed a trademark to create a broad financial services platform Truth.Fi," the group observed. "The products and services they said they would perform included the creation of a 'downloadable computer software' that serves as a 'digital wallet' to store and trade cryptocurrencies as well as a digital payments processing platform for purchases made with cryptocurrencies."
That initiative and Musk's X Money would fall under the purview of the rule that congressional Republicans are poised to roll back.
In a CNN appearance on Monday, former CFPB Director Rohit Chopra said that Musk and other powerful corporate executives are "fixated" on the consumer bureau because it is "responsible for monitoring all of those tech companies for how they're moving our money to protect against privacy errors and fraud."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.