The US Senate on Wednesday voted to nullify a Biden-era rule that allowed the Consumer Financial Protection Bureau (CFPB) to monitor digital payment platforms.
As The Verge reports, the resolution is pending House approval, but the Republicans who introduced it say it’s necessary to reduce the CFPB’s authority. “Our legislation eliminates barriers to innovation, cuts red tape, and supports our job creators,” said Sen. Pete Ricketts (R-NE).
The vote comes just over a month after Elon Musk’s X announced plans to launch a digital wallet and peer-to-peer payment system in partnership with Visa, dubbed X Money. Given Musk’s involvement with the Department of Government Efficiency (DOGE), which has included access to sensitive government payment systems, two Democrats wrote to the Office of Government Ethics (OGE) “requesting clarification regarding Mr. Musk’s compliance with federal conflicts of interest, ethics, and reporting requirements.”