Sen. Elizabeth Warren, D-MA, requested that billionaire businessman Elon Musk detail his plans for launching a digital wallet, called X Money, and called into question his past conduct.

In a Tuesday letter, she asked roughly a dozen questions about how Musk expects to make the payments app available after reports that he plans to launch it this month as part of his X social media platform.

Warren, the top Democrat on the Senate Banking Committee, wants to know exactly when Musk plans to offer the digital tool, what banking services it will provide and whether it will issue a stablecoin. She also pushed him to divulge whether he plans to work with Cross River Bank in offering the X Money services. Cross River, she noted, was the subject of a Federal Deposit Insurance Corp. enforcement action in 2023 over “unsafe and unsound practices related to fair lending.”

Warren has been one of the most outspoken lawmakers when it comes to holding providers of payments tools accountable for secure services. In recent years, she also railed about fraud affecting consumers who use Zelle, a digital banking app from the bank-owned Early Warning Services.

The senator called on Musk to deliver answers to her questions by April 21, telling him she needed to understand “the risks the product may pose to consumers, financial stability, and national security.”

A spokesperson for X couldn’t immediately be reached for comment.

Musk is the owner of X, formerly known as Twitter, as well as the space exploration company SpaceX. He is also the CEO and largest shareholder at the electric vehicle company Tesla.

X provides a platform for posting social media content. But, in recent years, Musk has also aspired to provide financial services, including bank accounts and payments tools via the site. The company has been collecting state money transmission licenses to that end since at least 2023, after Musk bought the business the prior year. 

Linda Yaccarino had been serving as CEO of X and leading the campaign to build a digital wallet, but she exited that role last year after two years in the post.

While Yaccarino led that X Money campaign, Musk threw himself into working with President Donald Trump after having helped the real estate magnate win the presidency in 2024. Trump subsequently appointed Musk to head the Department of Government Efficiency, but the corporate titan left the post last year after about 130 days.

Musk provided an update on his X Money plans in March, posting notice that the new digital app would provide “early public access” this month. Still, he has provided few additional details in pursuit of making the new digital app a reality, aside from forging a tie with card network giant Visa last year.

Warren castigated Musk in the letter for his leadership of DOGE, which egged on and aided the dismantling of the Consumer Financial Protection Bureau. The CFPB had sought to increase federal oversight of digital wallets, but that regulatory effort was set aside when Congress and Trump repealed a regulation aimed at that oversight instituted during President Joe Biden’s administration.

The CFPB had implemented rules for more supervision of tech companies that provide digital wallets and peer-to-peer payments services under the leadership of former Director Rohit Chopra. Chopra had spearheaded that effort after helping Warren create the agency as part of the 2010 Dodd-Frank Act.

In the letter, Warren suggested Musk paved the way for his digital wallet not only by thwarting CFPB regulation of the industry, but also by backing legislation that resulted in the Genius Act, a law Trump signed last year allowing for issuance of stablecoins that can be used for payments.

“The law includes a suspicious carveout that enables private commercial companies, like X, to issue a stablecoin without some of the required approvals and guardrails that would apply to similarly situated public commercial companies,” Warren said in the letter.

In a Tuesday press release issued by her office to call attention to the letter, Warren called her words a “warning” to Musk about his “potential role in shaping the regulatory environment for his own financial product.”

Warren said her concern was tied to other questionable conduct on X under Musk’s purview. Among the controversial activities happening on X, she cited the circulation of child pornography; data privacy infractions; paramilitary organizations’ financing campaigns and fraud schemes.

The company provides more information related to some of those types of criticisms on its website.