Hi everyone, and welcome back to the Elon Musk Podcast.
I'm your host, Will Walden, and if you're new here, this is a
show all about Elon Musk and his groundbreaking work that he's
doing with his various companies, including Tesla,
SpaceX, The Boring Company, Neurolink, and of course, X.
And before we dive into today's episode, I wanted to share a
quick insight from our shows analytics.
It turns out the 45% of you listening right now are
subscribed to the show and thank you for that.
But that means that 55% of you are not.
So I'm offering you a deal. I promise to do everything in my
power to keep bringing you the latest and most interesting news
about Elon Musk every single day and about his companies.
If you'll do me one favor and hit the subscribe or follow
button on your podcast platform right now, that's it.
Pretty simple and straightforward.
It takes just a second for you, but it makes a huge difference
for the show. Senator from Massachusetts.
Mr. President, are we on a quorum call?
We are. I asked the quorum call be
lifted. Without objection.
Today's vote on this Congressional Review Act
resolution could not be more straightforward.
Vote yes if you want more Americans to get scammed.
Vote no if you don't. Vote yes if you want Elon Musk
to have a get out of jail free card on when he scams people on
X money. Vote no if you don't. 3/4 of
Americans use digital payment platforms like Venmo and Cash
App, and reports of scams on those sites have skyrocketed.
So the CFPB investigated and then stepped in with a new rule
to help prevent this fraud. The CFP BS rule also helps
protect consumer privacy and it combats de banking on these
platforms now as getting American how much they like
getting scammed and whether they think there should be stronger
protections against it. And listen to how angry people
get over these scams. Look, nobody wants to be
scammed, and no one wants fewer protections against getting
scammed. In fact, the only people who
want weaker rules against scamming are the guys who run
the scams. And that may explain why Elon
Musk is hoping that the Senate kills this new rule today
because Elon's new X money digital payment platform would
be subject to CFPB review. Elon wants to take the cop off
the beat. He wants what amounts to a get
out of jail free for Elon card. And that is what the vote today
would actually give him. Look, I think it's pretty clear
what Elon's play is here. He wasn't very subtle when he
tweeted CFPBRIP. The next thing you know, his
doge team then locks the CFPB staff out of their own building.
That was act one. Now he wants Act 2.
He wants Congress to block this CFPB rule.
So what will Elon get out of it if the rule is blocked?
Well, he will get a clear runway for his payment app without
having to worry about whether there's a cop on the financial
beat who would catch him if he rips off customers who use his
new app. But this is really a three-part
play, not just a two-part play. Act one was closing down the
CFPB so that the financial cops were shut out, at least for a
while. Act 2 is the part we see now
with Elon rolling back a rule that when the cops are back on
the beat, a financial cop could use to use that rule to go after
Elon if he breaks the law. Act three comes next week when
Republicans try to move forward with legislation that will clear
the decks for Elon to issue X money as his own stable coin
without any guardrails to protect consumers, to protect
national security, or to protect the financial stability of our
economy. Put simply, Republicans are
setting the stage for the richest man in the world to
issue his own currency that competes with the US dollar.
Act One protected all the scammers.
Act 2 protects the Cash App scammers in particular, and Act
Three as currently drafted, we'll roll out the red carpet
for Elon and Jeff and Mark and maybe a few other big tech
billionaires to seize control of our money and payments, which
underpins the entire economy. So the question is, will
Congress go along? Will Congress protect Americans
from getting cheated out of their money?
Or will Congress give Elon Musk a get out of jail free card so
he can scam whoever he wants to scam and know that the CFPB
can't touch him? Look, this may feel like just
one more vote on a busy day, but rewarding Elon Musk and a
handful of billionaires will mean real cons go forward in
this country. I urge my colleagues to vote no.
Thank you, Mr. President. I yield the floor.
Hey, thank you so much for listening today.
I really do appreciate your support.
If you could take a second and hit the subscribe or the follow
button on whatever podcast platform that you're listening
on right now, I greatly appreciate it.
It helps out the show tremendously and you'll never
miss an episode. And each episode is about 10
minutes or less to get you caught up quickly.
And please, if you want to support the show even more, go
to patreon.com Stage zero. And please take care of
yourselves and each other. And I'll see you tomorrow.