X debunking Sen. Warren’s claim on dodging sanctions with crypto

In an unexpected turn of events, social media platform X (formerly known as Twitter) has taken steps to provide context to a tweet made by Senator Elizabeth Warren regarding the use of cryptocurrency in financial crimes. Senator Warren had referenced a report from the United States Government Accountability Office in her tweet on January 21, suggesting that “rogue nations are using crypto to dodge sanctions.” However, X contributors added a Community Note to the tweet, referring to a U.S. Treasury report from February 2022 which stated that “fiat is the preferred currency for financial crimes.” This note could be seen as contradicting Senator Warren’s claims and is a unique occurrence on the platform, as it is often dominated by anti-crypto sentiment.

It is worth noting that Senator Warren has been a vocal critic of digital assets and has consistently stated that they are primarily used for illicit purposes. This sentiment has been echoed not only on X but also in her appearances at congressional hearings. X’s Help Center explains that Community Notes are visible to all U.S. users and are designed to add context to posts that may be misleading. Interestingly, this feature was developed during Twitter’s ownership but gained further support from Elon Musk after he acquired the company. However, it is important to mention that since Musk took over Twitter in October 2022, he has occasionally used his account to post misleading and antisemitic content.

Furthermore, a report released by the watchdog group Media Matters in November 2023 revealed that X advertisements for major corporations could appear alongside pro-Nazi content under certain search conditions, raising questions about the platform’s content monitoring. On a more positive note, Ethereum co-founder Vitalik Buterin praised the Community Notes program, considering it as an embodiment of “crypto values.” In August 2023, X contributors used this tool to correct false claims that Friend.tech had leaked the personal information of over 100,000 users.

In summary, social media platform X has recently introduced a feature called Community Notes to provide context for potentially misleading posts. Its inclusion in Senator Warren’s tweet, which focused on cryptocurrency’s role in financial crimes, challenged her claims by referencing a U.S. Treasury report that highlighted fiat currency as the preferred choice for illicit activities. This move deviates from the platform’s overall anti-crypto stance, which has been reinforced by other prominent figures like Elon Musk. X has faced criticism for its content monitoring practices, with instances of advertisements appearing alongside objectionable content. Nevertheless, the Community Notes program has found support from influential individuals like Vitalik Buterin and has been utilized to address false claims about data breaches.