Latest / Elon Musk Podcast / Musk Launches X Money, Elizabeth Warren Slams GOP Push To Strip CFPB Oversight Over Payment Apps As Musk Launches X Money

Transcript

Musk Launches X Money, Elizabeth Warren Slams GOP Push To Strip CFPB Oversight Over Payment Apps As Musk Launches X Money · Elon Musk Podcast

• 0:05
  Hi everyone, and welcome back to the Elon Musk Podcast.
• 0:08
  I'm your host, Will Walden, and if you're new here, this is a
• 0:11
  show all about Elon Musk and his groundbreaking work that he's
• 0:14
  doing with his various companies, including Tesla,
• 0:17
  SpaceX, The Boring Company, Neurolink, and of course, X.
• 0:21
  And before we dive into today's episode, I wanted to share a
• 0:24
  quick insight from our shows analytics.
• 0:27
  It turns out the 45% of you listening right now are
• 0:31
  subscribed to the show and thank you for that.
• 0:34
  But that means that 55% of you are not.
• 0:36
  So I'm offering you a deal. I promise to do everything in my
• 0:40
  power to keep bringing you the latest and most interesting news
• 0:43
  about Elon Musk every single day and about his companies.
• 0:47
  If you'll do me one favor and hit the subscribe or follow
• 0:50
  button on your podcast platform right now, that's it.
• 0:55
  Pretty simple and straightforward.
• 0:56
  It takes just a second for you, but it makes a huge difference
• 1:00
  for the show. Senator from Massachusetts.
• 1:02
  Mr. President, are we on a quorum call?
• 1:04
  We are. I asked the quorum call be
• 1:06
  lifted. Without objection.
• 1:09
  Today's vote on this Congressional Review Act
• 1:12
  resolution could not be more straightforward.
• 1:16
  Vote yes if you want more Americans to get scammed.
• 1:20
  Vote no if you don't. Vote yes if you want Elon Musk
• 1:25
  to have a get out of jail free card on when he scams people on
• 1:30
  X money. Vote no if you don't. 3/4 of
• 1:34
  Americans use digital payment platforms like Venmo and Cash
• 1:38
  App, and reports of scams on those sites have skyrocketed.
• 1:44
  So the CFPB investigated and then stepped in with a new rule
• 1:49
  to help prevent this fraud. The CFP BS rule also helps
• 1:54
  protect consumer privacy and it combats de banking on these
• 1:59
  platforms now as getting American how much they like
• 2:04
  getting scammed and whether they think there should be stronger
• 2:08
  protections against it. And listen to how angry people
• 2:12
  get over these scams. Look, nobody wants to be
• 2:16
  scammed, and no one wants fewer protections against getting
• 2:21
  scammed. In fact, the only people who
• 2:23
  want weaker rules against scamming are the guys who run
• 2:27
  the scams. And that may explain why Elon
• 2:30
  Musk is hoping that the Senate kills this new rule today
• 2:35
  because Elon's new X money digital payment platform would
• 2:41
  be subject to CFPB review. Elon wants to take the cop off
• 2:47
  the beat. He wants what amounts to a get
• 2:50
  out of jail free for Elon card. And that is what the vote today
• 2:56
  would actually give him. Look, I think it's pretty clear
• 3:01
  what Elon's play is here. He wasn't very subtle when he
• 3:06
  tweeted CFPBRIP. The next thing you know, his
• 3:12
  doge team then locks the CFPB staff out of their own building.
• 3:18
  That was act one. Now he wants Act 2.
• 3:22
  He wants Congress to block this CFPB rule.
• 3:28
  So what will Elon get out of it if the rule is blocked?
• 3:32
  Well, he will get a clear runway for his payment app without
• 3:37
  having to worry about whether there's a cop on the financial
• 3:40
  beat who would catch him if he rips off customers who use his
• 3:45
  new app. But this is really a three-part
• 3:49
  play, not just a two-part play. Act one was closing down the
• 3:54
  CFPB so that the financial cops were shut out, at least for a
• 3:59
  while. Act 2 is the part we see now
• 4:03
  with Elon rolling back a rule that when the cops are back on
• 4:08
  the beat, a financial cop could use to use that rule to go after
• 4:14
  Elon if he breaks the law. Act three comes next week when
• 4:20
  Republicans try to move forward with legislation that will clear
• 4:24
  the decks for Elon to issue X money as his own stable coin
• 4:30
  without any guardrails to protect consumers, to protect
• 4:34
  national security, or to protect the financial stability of our
• 4:38
  economy. Put simply, Republicans are
• 4:41
  setting the stage for the richest man in the world to
• 4:46
  issue his own currency that competes with the US dollar.
• 4:51
  Act One protected all the scammers.
• 4:54
  Act 2 protects the Cash App scammers in particular, and Act
• 5:00
  Three as currently drafted, we'll roll out the red carpet
• 5:05
  for Elon and Jeff and Mark and maybe a few other big tech
• 5:10
  billionaires to seize control of our money and payments, which
• 5:15
  underpins the entire economy. So the question is, will
• 5:20
  Congress go along? Will Congress protect Americans
• 5:24
  from getting cheated out of their money?
• 5:27
  Or will Congress give Elon Musk a get out of jail free card so
• 5:33
  he can scam whoever he wants to scam and know that the CFPB
• 5:39
  can't touch him? Look, this may feel like just
• 5:42
  one more vote on a busy day, but rewarding Elon Musk and a
• 5:47
  handful of billionaires will mean real cons go forward in
• 5:53
  this country. I urge my colleagues to vote no.
• 5:58
  Thank you, Mr. President. I yield the floor.
• 6:09
  Hey, thank you so much for listening today.
• 6:10
  I really do appreciate your support.
• 6:13
  If you could take a second and hit the subscribe or the follow
• 6:15
  button on whatever podcast platform that you're listening
• 6:18
  on right now, I greatly appreciate it.
• 6:20
  It helps out the show tremendously and you'll never
• 6:23
  miss an episode. And each episode is about 10
• 6:26
  minutes or less to get you caught up quickly.
• 6:29
  And please, if you want to support the show even more, go
• 6:32
  to patreon.com Stage zero. And please take care of
• 6:37
  yourselves and each other. And I'll see you tomorrow.