TechFlow News: On April 16, according to Cointelegraph, U.S. Senator Elizabeth Warren sent a letter to Elon Musk requesting clarification on X platform’s proposed payment feature, “X Money,” and its plans for integrating stablecoins and cryptocurrencies—citing potential risks to the financial system and U.S. national security. Warren specifically questioned whether X Money would rely on exemptions under the GENIUS Act to issue its own stablecoin, and whether users would be adequately informed that their funds are not covered by FDIC deposit insurance. The letter also noted that X Money’s test preview indicates it may offer a 6% annual percentage yield (APY) on deposits and that the service is collaborating with Cross River Bank—a bank previously subject to FDIC enforcement actions.
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