The U.S. Senate voted on Wednesday to revoke the Consumer Financial Protection Bureau's authority to oversee digital payment platforms. This move could reportedly directly benefit Elon Musk's social media company,

Companies' reputations were damaged without proof, critics claimed, since the CFPB doesn't verify complaints. On the other hand, the Consumers Union argued that the database increased transparency and allowed consumers to "reach their own conclusions" about financial institutions, AP News reported.

The Senate has stripped the Consumer Financial Protection Bureau’s power to monitor digital payment offerings. That could clear the way for Elon Musk's Twitter/X to broaden its payments plan. The proposal still needs to pass the House, but two senators are calling for an ethics investigation into Musk’s role in the change.

The fired head of the Consumer Financial Protection Bureau said he sees the attack against the agency as "suspicious."

Chaos within the Consumer Financial Protection Bureau has come to light in a recent court filing showing emails and documents from employees inside the agency amid efforts to dismantle it, illustrating a team scrambling to make do with recent firings and confusion on what work is allowed to be completed.

The Department of Government Efficiency currently intervenes in the affairs of agencies regulating the billionaire's companies, from X to Tesla to SpaceX.

Senator Elizabeth Warren is convening a forum to investigate the President Donald Trump-Elon Musk attack on the CFPB.

The U.S. Senate voted to revoke the CFPB's oversight of digital payment platforms, a move that could benefit Elon Musk's X, while triggering an ethics inquiry into whether Musk used his government influence to weaken financial regulations for personal gain.