Today in crypto, Elon Musk's X platform is eyeing a 2025 launch for its financial services arm. In South Korea, the top financial regulator will probe fees at local exchanges, and US President Donald Trump has urged lawmakers to move quickly on stablecoin legislation, saying he wants the bill on his desk “ASAP.”
Musk’s X plans payments, investment features rollout for 2025 — Report
Elon Musk’s social media platform, X, will soon integrate various financial services, enabling users to make payments and investments directly within the app.
In a recent interview with the Financial Times, X CEO Linda Yaccarino said the platform’s estimated 600 million users will eventually “be able to transact [their] whole life on the platform,” from sending money to managing investments.
The company is also considering launching an X-branded credit or debit card, potentially later this year.
X’s foray into financial services is hardly surprising, given that Musk has already confirmed beta testing for the X Money payment and banking app.
In response to a May 25 social media post, Musk said “extreme care must be taken” in the pilot phase since “people’s savings are involved.”
The official X Money account teases a 2025 launch. Yacarrino told the Financial Times that the X Money payment app would first launch in the US, calling it a “whole commerce ecosystem and a financial ecosystem.”
South Korea to investigate fees of local crypto exchanges
South Korea’s financial regulator plans to investigate transaction fees charged by domestic cryptocurrency exchanges, aiming to reduce trading costs for users, according to local media.
South Korea’s FSC will launch a probe into transaction fees imposed by local trading platforms and review potential intervening measures, the Herald Economy reported on Thursday.
The move is part of South Korea’s newly elected president Lee Jae-myung’s broader pro-crypto agenda. Lee reportedly promised to reduce crypto trading transaction costs to support young traders as part of his presidential campaign.
As part of the probe, the FSC plans to conduct a survey of crypto exchanges on their current fee systems, charging methods and collected amounts.
According to Herald Economy, the FSC announced its plan to investigate crypto exchange fees during a policy briefing before the State Affairs Planning Committee, which serves as a presidential transition team for the Lee Jae-myung administration.
“We need to examine whether the current fees of domestic exchanges are an excessive burden on consumers and whether they are at an appropriate level compared to overseas cases,” an FSC official reportedly said.
The FSC also mentioned that it has not yet set a target commission rate and plans to establish policy standards based on a comparative analysis of domestic and foreign exchanges and user preferences.
Trump wants stablecoin bill “to my desk, ASAP”
US President Donald Trump told House lawmakers on Thursday that he wants the stablecoin-regulating GENIUS Act on his desk as soon as possible, so he can sign it into law before Congress goes on a month-long break in August.
”The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” Trump posted on his Truth Social platform. He added he hoped the House would “move LIGHTNING FAST, and “pass a ‘clean’ GENIUS Act.”
”Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump wrote.
The Senate passed the GENIUS Act in a 68-30 vote on Tuesday but saw delays and debate after Democrats pulled support for the bill last month, airing concerns about Trump’s conflict of interest from his sprawling crypto businesses.
It will now head to the House, where Republicans hold a slim majority over Democrats.