X Money Launches in 41 States with $10M FDIC Coverage as Elizabeth Warren Warns of Banking Risks

According to Bitcoin.com News, X Money expanded nationwide to all Premium and Premium+ subscribers on July 27, now live across 41 states with up to $10 million in FDIC-linked deposit coverage through Cross River Bank's sweep program. The platform bundles deposit accounts, peer-to-peer transfers, and a debit card within the X app, with Premium+ users earning 6% annual percentage yield (APY) on balances, standard Premium users able to unlock the same rate via direct deposit, and all card purchases earning 3% cash back.

The rollout faces regulatory scrutiny, with Sen. Elizabeth Warren warning that if X's track record operating the social platform is any indication, consumers and financial system stability may be at risk. Warren flagged a regulatory carveout in the 2025 GENIUS Act stablecoin law potentially allowing companies like X to issue stablecoins without traditional approvals, alongside concerns over Cross River Bank's prior FDIC enforcement history.