TLDR
- Senator Elizabeth Warren sent a letter to MrBeast (Jimmy Donaldson) asking about plans to offer crypto to minors through the Step app
- Beast Industries acquired Step in February, which previously allowed under-18s to buy and sell crypto
- About 39% of MrBeast’s 470 million YouTube subscribers are aged 13 to 17
- Warren flagged that Step published content encouraging kids to pressure parents into crypto investments
- Beast Industries says it is reviewing all offerings and welcomes engagement with Warren
Senator Warren sent a letter on Monday to MrBeast and Beast Industries CEO Jeff Housenbold demanding answers about crypto access for teens. She gave them until April 3 to respond.
Beast Industries acquired Step, a mobile banking app, in February 2026. Step describes itself as a tool to help young people start their “financial journeys,” with features like spending tracking, deposits, and credit building.
I'm so excited to share that we are acquiring the financial services app, @step
Nobody taught me about investing, building credit, or managing money when I was growing up. That's exactly why we’re joining forces with Step! I want to give millions of young people the financial…
— MrBeast (@MrBeast) February 9, 2026
Step is not a bank itself. It operates in partnership with Evolve Bank & Trust, which Warren also flagged as a concern after customer funds went missing there in 2024.
Back in 2022, Step launched a crypto feature through a partnership with Zero Hash. It let people under 18 buy, sell, hold, and receive cryptocurrency and NFTs, with parental oversight.
Warren pointed out that Step published resources encouraging kids to push their parents into letting them invest in crypto, which she called a concern.
Warren’s Core Concerns
Warren said that roughly 39% of Donaldson’s audience on YouTube falls between the ages of 13 and 17. She cited this as a reason to scrutinize any financial products tied to his brand.
MrBeast filed a trademark application in October 2025 for “MrBeast Financial,” which included plans for an app with “cryptocurrency exchange services.”
Beast Industries also has existing ties to the crypto industry. In January, BitMine Immersion Technology made a $200 million investment in the company.
Warren is the top Democrat on the Senate Banking Committee and has been a long-standing critic of cryptocurrency regulation gaps. She has raised consumer protection concerns about crypto on multiple occasions.
In her letter, she asked specifically whether Beast Industries plans to let Step users invest in crypto or NFTs, how it plans to advertise Step, and how it will protect user funds.
What Beast Industries Said
A spokesperson for Beast Industries responded to the letter. They said the company’s main motivation for buying Step was to “improve the financial future of the next generation.”
They added that the company is now reviewing all existing offerings and marketing approaches to make sure they meet “very high quality standards” and comply with applicable laws.
“We appreciate Senator Warren’s outreach and look forward to engaging with her as we build the next phase of the Step financial platform,” the spokesperson said.
Donaldson founded his holding company, Beast Industries, alongside the launch of his YouTube channel in 2012. He has more than 472 million subscribers, making him one of the most-followed creators on the platform.
Warren’s deadline for a response from Beast Industries and Donaldson is April 3, 2026.
