March 05, 2025

TODAY: Will Republicans Vote to Let Elon Musk Cheat Americans Out of Their Money?

Check out the video Senator Warren recorded ahead of today's vote (transcript below)

Yesterday, President Trump - joined by his co-president Elon Musk - stood in front of Congress and pledged to the American people that he will lower costs and “renew the American Dream.” The very next day, he’s trying to overturn a law that would strip the Consumer Financial Protection Bureau (CFPB) of its ability to protect Americans from getting scammed on digital payment platforms. More than three-quarters of Americans have used “peer-to-peer” (P2P) payment apps like Venmo or CashApp. And millions of Americans have also been defrauded on these apps—so the CFPB stepped in with a rule finalized in November to help prevent Americans from being cheated out of their money. 

The CFPB has become the target of unelected tech billionaires like Elon Musk who want to stop its work to help consumers and rein in Big Tech, including for Elon Musk’s new financial services arm, X Money. 

Here are the facts on today’s vote:

WHO
On one side: Americans who use apps like Venmo or CashApp.
On the other side: Elon Musk and Big Tech Billionaires.
Which side will Senate Republicans choose?

WHEN
Today, following President Trump’s address to Congress where he promised to “renew the American dream.” 

WHAT 
The CFPB’s rule allows it to supervise larger nonbank companies that offer digital payment services: apps like Venmo or CashApp and digital wallets like Apple Pay and Google Wallet.

The CFPB already enforces consumer protection laws against these companies. For example, the CFPB recently ordered Cash App to pay $175M for fraud on its platform. But to most effectively prevent fraud from happening in the first place, the rule allows the CFPB to examine P2P providers’ books and records to proactively look for illegal practices, just like it does for banks.

WHY IT MATTERS
The rule cracks down on P2P fraud, which has surged in recent years. Between 2018 and 2021, fraud-related complaints on Venmo, Cash App, and other P2P apps, increased by more than 460%, and associated losses spiked from $28.4 million to $130.9 million. 

The rule preserves consumers’ privacy and prevents unlawful surveillance. Almost two-thirds of Americans are concerned about how much information financial apps collect about their users. Federal law allows consumers to opt-out of certain data collection and sharing practices. The rule would allow the CFPB to examine P2P apps for compliance with statutory privacy protections. 

The rule helps prevent debanking. Consumers can face serious harm when their account is frozen or closed without notice or justification, and P2P providers maintain the ability in their terms and conditions to do so—and do not publish reports on account freezes or closures. Banks have faced penalties when they froze accounts, depriving people of funds needed for necessities. Nonbank apps pose the same risks.

THE BOTTOM LINE

Republicans are voting to hurt millions of American consumers just to protect Elon Musk’s business ventures from a financial cop on the beat that would make sure he follows the law.

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Transcript of the video that video Senator Warren recorded about today’s vote:

WARREN: If you use Venmo or CashApp and don’t want to get scammed, listen up.

The CFPB is the financial cop on the beat for Americans who are cheated out of their money on digital payment platforms.

Elon Musk is launching a new payment platform called “X Money” and the CFPB would make his business follow the law. So, of course, he is trying to destroy the agency.

Today the Senate is voting on a law that would strip the CFPB of its ability to prevent fraud on these platforms, including “X Money.”

So I ask my fellow Senators: whose side will you be on today? Americans who are getting cheated, or big tech billionaires like Elon Musk who want to cheat them? It’s time to choose.