Elon Musk is advancing his vision of X, formerly Twitter, as an 'everything app' by partnering with Visa to launch 'X Money Account,' a mobile payment service. This service will be regulated by the Consumer Financial Protection Bureau (CFPB), which has recently expanded its oversight powers. However, Musk's concurrent efforts to diminish the CFPB raise significant ethical concerns regarding conflicts of interest. Critics, including former CFPB head Richard Cordray, emphasize that this situation undermines public interest while Big Tech organizations continue to challenge the bureau's authority over digital payments.
"The fact that Musk is now engaged in payment businesses that would be regulated by the CFPB at the same time he's trying to tear down the CFPB puts in sharp relief the conflicts of interest here and how much this disserves the general public."
"Weeks after the bureau announced finalized rules for becoming a watchdog on digital wallets, TechNet and NetChoice, two groups backed by Big Tech, sued the CFPB..."
Collection
[
|
...
]