Elon’s DOGE Attack on Financial Watchdog Coincides With X Pursuit of Digital Wallet

Elon Musk has sought to shut down the Consumer Financial Protection Bureau which , as its name denotes , is dedicated to protect consumer from scummy fiscal system . Bloomberg has point outthe interesting timing of this effort , given that Musk ’s political program , X ( formerly Twitter ) , is presently act on a “ digital wallet ” feature that would inquire users to trust it with their money .

Approximately two weeks ago , X announcedthat it had entered into an arrangement with Visa to make a peer - to - compeer digital payment system . “ Another milestone for the Everything App : @Visa is our first partner for the @XMoney Account , which will debut after this year , ” posted Linda Yaccarino , X ’s CEO . Yaccarino observe that the “ X Wallet ” would soon be available , allow the web ’s shitposters to transfer money and make payments . Bloomberg notes that this deal could have potentially put it under the inadvertence of the CFPB , based onrules recently passedby the agency .

Now , it seems extremely unlikely such oversight will occur . Musk announced the apparent expiry of CFPB in a tweet on Friday . “ RIP CFPB , ” the billionaire posted . On Monday , the newly installed CFPB chief , Russell Vought , told all of the bureau ’s staffmembers that they did not need to follow to work that twenty-four hours . Vought had previously enacted several policy that slow the agency ’s process down to a crawl . On Sunday , the union represent staff for theCFPB sue Voughtover the body of work stop , contend that his activities were unconventional . Another lawsuit lodge by the union alleged that DOGE was violating the privacy right of CFPB employees . Employees have alsoorganized a protestagainst DOGE ’s activity . It ’s unclear what the agency ’s condition will be , act forrard .

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by from Musk , other financial benefactors of the new Trump administration have also expressed interest in destroy the CFPB . The crypto industry , which gave heavily to Trump during last twelvemonth ’s election , has long had friction with the agency — which makes sense , since the crypto industry isrife with financial malfeasance , pretender , and criminal activity , all of which the CFPB is creditworthy for policing . Brian Armstrong , the CEO of Coinbase ( whichgave generouslyto Trump during his safari ) recentlycelebrated Musk ’s attackon the agency , posting to X that the CFPB was “ unconstitutional . ” Similarly , Gemini co - beginner Tyler Winklevoss likewise hail the agency : “ CFPB Unplugged,”he posted , providing a screenshot of a 404 Sir Frederick Handley Page on the CFPB ’s internet site .

Musk is acting as the frontman for the Trump administration ’s government - destruction project , though it should be observe that he is almost for certain not the main intellectual author of it . Defunding , downsize , and destroying the Union government isa long - espoused goalof the libertarian right , and a coherent plan for bringing that dystopian vision to realisation was of late delineate inProject 2025 , the insurance design author by the Heritage Foundation — a rightwing think - tankwith tie beam to billionaires . That plan ’s primary author is Trump ’s unexampled director of the Office of Management and Budget , Russell Vought ( who , as antecedently noted , is also presently act as the interim drawing card of the CFPB ) . Vought do as Trump ’s OMB director during his first administration and is deep line up with the Heritage Foundation and other ripe - wing organizations . Vought ’s worldview can well be encapsulate by the fact that his organisation , the Center for Renewing America , once rail againstfree WiFi on school busesas some sort of government plot of land to “ brainwash ” children .

There seems to be a moderately good chance that some of DOGE ’s activities are illegal , and , as a effect , the initiative has come under many legal attacks over the past few weeks . As previously noted , the CFPB union is action Vought over his highjacking of the agency . However , other causa have sought to hamper Musk ’s blitzkrieg against federal agencies . Most notably , a tussle over DOGE ’s access to U.S. Treasury system has set the White House on a collision path with a federal judge , whorecently ruledthat DOGE should not be given access to the Treasury ’s requital system . Musk hascalled for the judge to be accuse .

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