Warren presses MrBeast on teen banking app, crypto risks

U.S. Sen. Elizabeth Warren sent a formal letter to Beast Industries, the company owned by YouTube creator Jimmy “MrBeast” Donaldson, after it acquired Step, a teen banking app. She asked how the app will market financial products to minors, whether it will promote cryptocurrency, and how the company oversees its partner bank.

Warren cited Step materials that address cryptocurrency and offer guidance for kids on speaking with parents about it. Her letter states, “Step published resources encouraging kids to pressure their parents,” and called for more federal oversight of the acquisition and the company’s practices.

Her inquiry focuses on how Step presents digital assets to young users. She requested information on clear disclosures, age-appropriate content, and compliance with financial rules.

Warren also flagged Beast Industries’ banking partner, Evolve Bank and Trust. In a bankruptcy case last year, a court found that $96 million in funds were missing, and the Federal Reserve took enforcement action involving the bank. The letter asks how Beast Industries is managing risk and safeguarding customer funds given that history.

Beast Industries described its goal as supporting young users with responsible financial tools and compliance with federal requirements. “Our primary motivation is to improve the financial future,” the company noted, adding that the app will follow all federal laws.

The questions reference Donaldson’s past public comments about cryptocurrency profits. He has said he made a million-dollar bet on Bitcoin in 2021 and has discussed investments that returned 20 or 30 times his money. The senator did not accuse him or the company of illegal conduct, requesting details on operations, marketing, and safeguards for minors.

A trademark application filed by MrBeast Financial covers credit products and mentions cryptocurrency multiple times.

Lawmakers are watching the venture because of MrBeast’s large youth audience and the potential reach of a creator-led brand. Warren’s letter seeks clarity on crypto exposure, partner-bank oversight, and protections intended to keep young users from high-risk financial decisions.