PANews reported on April 16 that, according to Cointelegraph, U.S. Senator Elizabeth Warren sent a letter to Elon Musk questioning the upcoming X Money payment feature on the X platform, focusing on the potential risks to the financial system and national security posed by its potential integration of stablecoins and cryptocurrencies.

In her letter, Warren inquired whether X Money planned to launch its own stablecoin, leveraging the provisions of the GENIUS Act that allow private companies to issue stablecoins. She pointed out that X Money's beta preview showed a 6% deposit rate, and given that its partner, Cross River Bank, had been subject to FDIC enforcement, the investment method to achieve this yield was unclear, especially considering the current federal funds rate of 3.5%-3.75%. Warren also asked if users were aware that FDIC insurance does not protect stablecoin deposits. The FDIC chairman had previously stated that the GENIUS Act stipulates that payments made in stablecoins are not subject to deposit insurance or U.S. government guarantees.