The U.S. Senate voted on Wednesday to revoke the Consumer Financial Protection Bureau’s authority to oversee digital payment platforms. This move could reportedly directly benefit Elon Musk’s social media company, X.
What Happened: The rule, finalized last year, was designed to regulate fraud and privacy issues in online financial transactions, similar to its oversight of traditional financial institutions, reported The Verge.
Republicans backing the resolution argued that the CFPB had overreached its regulatory scope. However, Sen. Jack Reed (D-RI) framed the decision differently, saying, “A vote in favor of this resolution is a vote to strip federal oversight of Elon Musk’s payments company.”
Following the Senate’s move, Sens. Elizabeth Warren (D-Mass.) …
