Targeting MrBeast! U.S. Congressman Questions Step App's Teen Finance Involvement, Can Minors Buy Coins?

Elizabeth Warren writes to MrBeast to express concern about whether Step is promoting cryptocurrency trading to teenagers and requests details on risk management and protections for minors.

Elizabeth Warren writes to MrBeast, raising concerns about whether Step is promoting cryptocurrency to teenagers

U.S. Senate Banking Committee Democrat heavyweight Elizabeth Warren sent a letter on March 23 to well-known YouTuber Jimmy Donaldson, aka MrBeast, questioning the future direction of his company Beast Industries after acquiring the fintech app Step, especially focusing on whether there are plans to promote crypto trading to minors.

Image source: Elizabeth Warren Elizabeth Warren writes to YouTuber MrBeast, raising questions about the development of Beast Industries after acquiring the fintech app Step

In her letter, Warren states that Beast Industries is primarily an entertainment and consumer brand company, but if it ventures into financial services—especially targeting minors—it must proceed with caution and comply with regulations. She emphasizes that Donaldson has over 470 million global subscribers, about 39% of whom are teenagers aged 13 to 17, wielding significant influence. Introducing financial products and digital assets to this demographic could pose potential risks.

Step Previously Allowed Minors to Buy Cryptocurrency, Parental Supervision Sparks Controversy

One point of controversy is that Step previously launched cryptocurrency features. According to reports, as early as 2022, the platform allowed users under 18 to buy, hold, and receive digital assets like Bitcoin with parental or guardian consent, and even planned to support over 50 tokens and NFTs.

Warren notes that although Step claims investment activities require parental approval, the platform has published content encouraging teenagers to persuade their parents to participate in crypto investments, even providing scripts, which has raised questions about its marketing strategies.

Image source: Elizabeth Warren Step posted social media content about “summer jobs,” “summer vacation,” and “teen side hustle ideas,” targeting young audiences

Additionally, as a fintech platform, Step is not a bank itself but relies on partner bank Evolve Bank & Trust for services. This bank has previously faced issues related to fund management, raising regulatory concerns about its risk controls.

In her letter, Warren requests that Beast Industries clarify whether it plans to reopen crypto investment features for minors in the future and how it will ensure the safety of user funds and prevent scams.

Acquisition of Step and Strategic Financial Expansion Draw Attention

Beast Industries completed its acquisition of Step in February 2026. The app has about 7 million users, mainly serving teenagers and young adults, offering deposit, spending, and credit-building features. Donaldson has stated that the goal is to “provide better financial foundations for young people,” addressing the lack of financial education resources during his own upbringing.

However, market observers also note that Beast Industries applied for the “MrBeast Financial” trademark in 2025, covering crypto trading, payments, and decentralized finance (DeFi) services, indicating ambitions beyond basic banking. The company has also received about $200 million in investment from the crypto industry, strengthening its ties to digital assets.

Warren’s letter includes 11 questions, requesting responses by April 3, covering product design, risk disclosures, marketing strategies, and protections for minors.

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Crypto Products Reaching Minors, Regulatory and Market Boundaries Reemerge

Beast Industries responded that the core goal of acquiring Step is to improve the financial future of the next generation. The company is currently reviewing existing products and marketing strategies to ensure future development meets high standards and regulatory requirements. They also stated they will maintain communication with Warren’s office.

This incident highlights that as cryptocurrencies enter mainstream finance, their engagement with minors is becoming a regulatory focus. Compared to adult investment markets, financial products targeting teenagers require stricter disclosures and risk controls.

As content creators and tech companies cross into financial industries, the line between platform influence and investment behavior is increasingly blurred. Balancing innovation with protection will be a key challenge for regulators and market participants moving forward.

This content is summarized by Crypto Agent from various sources, reviewed and edited by Crypto City. It is still in training and may contain logical biases or inaccuracies. The information is for reference only and should not be considered investment advice.