Lawmakers warn that Musk could face scrutiny if he pushes ahead with plans to turn the social media giant formerly known as Twitter into a financial services provider.
to dealing with regulators — and who has also become a political lightning rod — would fare any better., an Illinois Democrat on the House Financial Services Committee, in an interview.
Aaron Klein, a former Treasury Department official who now serves as a senior fellow at the Brookings Institution, said he suspects that Musk “will be more careful and surgical” in how he approaches expanding X into finance. “The banking industry is on high alert from this,” Foster said. “They see the huge natural advantage of any organization with a big user base for social media trying to leverage that user base for payment transactions.”
“The big lesson from Mark Zuckerberg’s failed Libra experiment was that they didn’t do any of the upfront work in Washington, D.C., getting regulators or lawmakers comfortable with their idea,” said former SEC Commissioner Michael Piwowar, now with the Milken Institute think tank. “The Silicon Valley approach of ‘move fast and break things’ does not work once you get into anything related to financial services.
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