Senator Warren Warns of Risks in X Money's Planned Launch

Senator Elizabeth Warren has expressed concerns regarding the upcoming launch of X Money, scheduled for April. According to NS3.AI, Warren cautioned that the initiative could pose risks to consumers and financial stability. X Payments, the entity behind X Money, has already obtained money transmitter licenses in 40 states. Warren highlighted that preview materials indicate the offering of deposit accounts with an annual percentage yield (APY) of up to 6%. She also pointed out that the GENIUS Act includes provisions that might allow private companies like X to issue stablecoins with reduced regulatory oversight.