Elon Musk’s X Goes Crypto — And It Might Just Shut Down the CFPB!

The shutdown of the Consumer Financial Protection Bureau (CFPB) has sparked a lot of debate about what it means for financial regulation.

The CFPB was created after the 2008 financial crisis and regulated digital payment platforms like Apple Pay, Google Wallet, PayPal and Musk’s financial ecosystem X Crypto and DOGE Payments.

The shutdown was done by the Department of Government Efficiency (DOGE) a cost cutting initiative started by Musk under the Trump administration. CFPB employees have been told to stop work and the agency’s website has been taken down.

Consumer groups say it eliminates regulatory scrutiny of X Crypto’s rapid growth. Lindsay Owens, executive director of the Groundwork Collaborative, “This means Musk can speed up financial innovation without oversight.”

X Crypto’s Rapid Expansion and Regulatory Challenges

Musk’s X (formerly Twitter) has been making moves in the financial space. The company recently partnered with Visa to launch X Money Account, a digital payments service competing with industry leaders like PayPal and Venmo. This service allows peer to peer transactions and money transfers, activities that would have been under CFPB jurisdiction.

Before it was shut down the CFPB had finalized regulations to monitor digital payment platforms for fraud prevention, data privacy and dispute resolution. Analysts think those regulations would have slowed down X Crypto’s roll out making the shutdown a big win for Musk’s plans.

Adam Rust, director of financial services at the Consumer Federation of America, said the CFPB was about to investigate X and that would have posed regulatory challenges to its growth.

Key Developments in X Crypto’s Expansion:

• Visa partnership for X Money Account

• Planned blockchain integration for government operations

• DOGE Payments rollout aligning with financial deregulation

Musk’s Blockchain Vision and DOGE Payments’ Role

Musk’s financial ecosystem goes beyond digital transactions. He has reportedly proposed using blockchain for government operations through DOGE Payments. His vision is to use decentralized digital ledgers to track federal spending, secure data and enable seamless transactions.

He’s been a long time advocate for Dogecoin and that strengthens the idea that DOGE Payments will be part of X’s financial services. With Visa’s involvement in crypto and Musk’s track record with digital assets, blockchain integration seems more and more likely.

Meanwhile DOGE’s price is dropping. It was $0.2552 recently, a 1.57% dip. But analysts are still bullish. Tardigrade predicts $4 and CobraVanguard an initial $0.32 and potentially $0.60 based on recent trends.

With regulatory uncertainity, Musk’s empire is growing and investors and regulators are waiting.