U.S. Senator Elizabeth Warren has formally requested that Beast Industries—the company founded by internet personality Jimmy Donaldson, known as MrBeast—provide detailed explanations regarding its acquisition of Step, a fintech app designed for teenagers. In a letter dated March 23, Warren expressed acute concerns that Beast Industries might reintroduce cryptocurrency and NFT trading features to underage users through the platform.
Background of the Acquisition
Step originally gained attention as the first banking app that allowed teenagers to buy and sell Bitcoin with parental consent. It also marketed altcoins and NFTs to users under 18 through promotional campaigns. Warren noted that while Step later described altcoins as "extremely risky, extremely volatile" and acknowledged that NFT investments were "rife with scams," the company had previously promoted these very assets to minors without sufficient warnings.
In her letter, Warren stated that any move by Beast Industries into financial services—especially those targeting youth—"must be undertaken with extreme caution and in full compliance with the law." She warned that many children and teenagers might entrust the brand with "their funds, savings, and financial futures."
Evolve Bank Scrutiny
Warren also raised alarms about Step's continued partnership with Evolve Bank & Trust. She highlighted that Evolve was implicated in the collapse of fintech intermediary Synapse in 2024, which left up to $96 million of customer funds missing, according to court findings cited in the letter. Additionally, Evolve faced a Federal Reserve enforcement action in 2024 and suffered a data breach that year. Warren demanded to know whether Beast Industries plans to sever ties with Evolve or implement stronger safeguards for user deposits.
Deadline and Broader Implications
Warren requested a response by April 3, 2026. The senator's action is part of her longstanding campaign to tighten oversight of the crypto industry. She previously urged the Federal Reserve and Treasury Department to rule out any taxpayer-funded bailout for crypto billionaires following the sector's $2 trillion collapse. This new inquiry signals that U.S. lawmakers remain intensely focused on how digital assets are marketed to minors, and any misstep could invite further regulatory action against Beast Industries and the broader crypto ecosystem.