US Senator Elizabeth Warren has raised concerns over whether YouTuber Jimmy Donaldson, known as MrBeast, plans to promote cryptocurrency to minors following his company’s acquisition of banking app Step.
Warren sent a letter to Donaldson and Beast Industries CEO Jeff Housenbold questioning whether the platform could be used to facilitate crypto trading among teenagers and young adults.
“Beast Industries is primarily an entertainment and consumer product company – and any foray into financial services, particularly services aimed at children – must be done with great care and in compliance with the law,”
Said Senator Elizabeth Warren.
The scrutiny centres on Step’s reported seven million users and prior plans to allow teens under 18 to buy, sell, and hold crypto with parental oversight.
Warren also raised concerns about whether the platform’s materials could encourage minors to pressure parents into approving crypto investments.
The inquiry comes amid Donaldson’s expanding financial ambitions, including a trademark filing referencing cryptocurrency exchange services and existing ties to the crypto sector.
Warren has requested further details on Step’s crypto plans by April 3, as regulators increasingly examine the risks of exposing younger users to digital asset markets.