Elon Musk Calls Most Crypto a Scam While X Expands Financial News Features

Key Points

• Elon Musk told a jury most cryptocurrencies are scams, with some exceptions.
• X expands Cashtags and builds licensed payments infrastructure across U.S. states.

Elon Musk told an Oakland jury during his civil trial involving OpenAI that while some digital assets have merit, most cryptocurrencies are scams.

His remarks referenced OpenAI’s abandoned 2018 plan to pursue a crypto initial coin offering and marked one of his sharper public critiques of the broader market.

At the same time, X introduced web-based Cashtags that convert tickers such as BTC, ETH, DOGE, XRP, and major equities into real-time market pages.

The feature integrates price charts with asset-specific social feeds, positioning X as a market monitoring interface within the platform.

Observers view Musk’s critical stance toward speculative tokens as consistent with X’s broader financial strategy.

X Payments has been securing money transmitter licenses across more than 25 U.S. states, indicating a compliance-focused approach to digital financial services.

By publicly distancing himself from unregulated tokens, Musk signals regulatory caution as authorities continue oversight actions, including prior SEC enforcement scrutiny.

This framing differentiates X’s licensed infrastructure from loosely regulated token launches and exchanges.

Cashtags and X Payments Infrastructure

X Payments operates under state-level money transmitter licenses rather than crypto exchange frameworks.

These licenses establish compliance requirements for payments activity but do not authorize open-market crypto trading.

Cashtags function as the user-facing layer, providing market data without directly routing trades to external platforms.

According to X’s product leadership, the long-term ambition includes deeper integration of financial services within the application.

The listed crypto assets include Bitcoin (BTC), Ethereum (ETH), and other major tokens such as Dogecoin and XRP.

These assets generally have established liquidity, custodial services, and exchange listings under regulatory oversight.

Tesla previously disclosed a $1.5 billion purchase of Bitcoin in 2021 and reported holding 11,509 BTC as of the first quarter of this year.

Regulatory developments, including White House discussions around stablecoin policy clarity, suggest licensed digital payment models may gain firmer legal grounding compared to speculative token offerings.

Money transmitter licensing provides a compliance base that could support expanded financial products if legislative clarity increases.