Elon Musk Declares Most Cryptos Scams-X Launches New Trading Feature Anyway!

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Elon Musk Labels Majority of Crypto ‘Scams’ Even as X Pushes Financial News Integration

During today’s court proceedings in his lawsuit against OpenAI, Elon Musk testified and discussed a 2018 proposal the company had to raise money using a cryptocurrency sale. He described the overall cryptocurrency market as largely fraudulent, using stronger language than he ever has before publicly. He acknowledged that some crypto projects have value, but claimed most are scams.

X recently launched web Cashtags, which create live market pages for popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and XRP, as well as major stock symbols. These pages include news feeds specific to each asset, effectively turning X into a trading platform, according to Nikita Bier, X’s head of product.

I see this less as a contradiction and more as a calculated move. It feels like they’re intentionally trying to undermine the open, unregulated crypto market while simultaneously creating their own, tightly controlled financial system. Basically, they want to be the gatekeepers – Elon Musk, or whoever’s in charge, decides which crypto projects get a platform, not the free market.

JUST IN: Elon Musk says most cryptocurrencies are “scams” during OpenAI court testimony.

“Some of them have merit, but most of them are scams.”

— Watcher.Guru (@WatcherGuru) April 30, 2026

Experts believe Elon Musk’s recent comments about cryptocurrency scams aren’t necessarily his personal beliefs, but rather a strategic move to influence regulators. X Payments, his company, is seeking money transmitter licenses in over 25 U.S. states, and he needs to show authorities – and potential financial partners – that he’s taking fraud seriously to succeed in the fintech space.

Musk is presenting himself as cautious about new and unproven cryptocurrencies. This helps X, the platform formerly known as Twitter, differentiate its financial systems from those that have faced legal trouble with the Securities and Exchange Commission (SEC). Essentially, he’s proactively assuring regulators that X is building a fundamentally different and more responsible financial system than others that have previously run into problems.

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X Payments News and the Cashtags Architecture: How the Controlled Crypto Integration Actually Functions

Here’s how it works: X is building a traditional financial system within its platform, called X Payments. This system will operate under established money transmitter licenses, offering more regulation and stability than the less-defined rules that have typically covered crypto exchanges and new token offerings.

Cashtags are what users see and interact with – they provide price charts and relevant social media updates for different assets, all within the platform itself, without sending users to outside exchanges or potentially risky token marketplaces. According to the product lead, the goal is for the platform to become a central part of users’ trading experience, offering live charts and information for any asset. This suggests that the platform may eventually allow users to actually make trades, not just monitor the market.

The cryptocurrencies currently available with Cashtags – Bitcoin, Ethereum, Dogecoin, and XRP – weren’t chosen by chance. They’re the most easily traded, well-regulated, and appealing to larger financial institutions. These assets have secure storage options, are listed on exchanges that follow the rules, and generally have clear legal standing in most major countries.

Tesla’s financial reports show a pattern: they bought $1.5 billion worth of Bitcoin in 2021, sold most of it in 2022, and still had around $750 million worth of Bitcoin as of the first quarter of this year. Interestingly, Elon Musk has never invested a similar amount in any of the other cryptocurrencies he’s publicly questioned or disliked.

From my analysis, the regulatory framework X is developing aligns well with the direction of new legislation. The White House is actively seeking clear rules for stablecoins, and proposals like the GENIUS Act indicate that regulated, dollar-backed digital payments – the core of X Payments – are likely to be viewed more favorably by regulators than simply trading tokens on the open market. This puts X Payments in a potentially strong position.

While a money transmitter license doesn’t allow a business to directly trade cryptocurrencies, it does build a foundation of compliance procedures that can be expanded to include more complex financial products as regulations become clearer.

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2026-05-01 14:24