Sen. Warren Questions MrBeast Over Teen Crypto Plans at Step

. In 2022, Step partnered with Zero Hash to allow teens, with parental consent, to buy, sell, hold, and receive cryptocurrency and NFTs.

Crypto News

Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, sent a

Monday to Beast Industries CEO Jeff Housenbold and YouTube personality Jimmy Donaldson, better known as MrBeast, raising concerns about the company's acquisition of Step. Step is a mobile banking app designed primarily for users under 18.

Warren's

focuses on Step's prior involvement with digital assets. In 2022, Step partnered with Zero Hash to allow teens, with parental consent, to buy, sell, hold, and receive cryptocurrency and NFTs. The company later expanded that access to more than 50 digital assets before stepping back from crypto in 2024.

Beast Industries acquired Step in February. Before the acquisition closed, the company filed a trademark for "MrBeast Financial," with language that referenced crypto-based trading and payment services using decentralized finance. Warren cited that filing alongside Beast Industries' receipt of a $200 million investment from Ethereum treasury firm BitMine as indicators of the company's crypto intentions.

Warren noted that approximately 39% of Donaldson's audience is between the ages of 13 and 17. She wrote that his more than 470 million subscribers are likely to trust him with their savings and financial decisions. The senator argued that Beast Industries' background raises questions about its capacity to manage a financial technology product aimed at children and teens.