Senator Elizabeth Warren of Massachusetts has questioned whether YouTuber Jimmy Donaldson, known as MrBeast, might promote cryptocurrency to teenagers and young adults after his company acquired the mobile banking app Step. In a letter sent Monday to Donaldson, Warren asked whether Beast Industries intends to use the Step acquisition to encourage crypto transactions and purchases among Step’s young user base.
Beast Industries, founded by Donaldson in 2012, purchased Step in February; reports at the time estimated Step’s users at about seven million. Donaldson has said the acquisition was intended to “give millions of young people the financial foundation I never had.” A trademark application filed in October 2025 for “MrBeast Financial” listed plans for a mobile app offering “cryptocurrency exchange services.”
Donaldson is one of YouTube’s most followed creators, with more than 472 million subscribers. Beast Industries has other crypto links as well: reports say BitMine Immersion Technology invested roughly $200 million in the company in January.
Step had previously announced in 2022 that it was developing an app to allow teens under 18 and young adults to buy, sell, hold and receive cryptocurrency, with parental controls intended to oversee teen access. Warren noted, however, that Step “published resources encouraging kids to pressure their parents into crypto investments,” and emphasized that any move by an entertainment-focused company into financial services — especially those aimed at minors — must be approached carefully and in compliance with applicable laws.
Warren requested information from Donaldson and Beast Industries CEO Jeff Housenbold about Step’s plans to permit young users to invest in cryptocurrencies or non-fungible tokens (NFTs). The letter set an April 3 deadline for a response. Cointelegraph sought comment from Beast Industries and Senator Warren’s office but had not received replies by publication.
Separately, Haliey Welch — the creator who became known as the “Hawk Tuah” girl after a viral 2024 TikTok — spoke publicly for the first time in months following the collapse of her memecoin HAWK. Welch said investors suffered estimated losses of about $200,000 after HAWK’s market capitalization surged to roughly $500 million and then plunged by more than 90%. The rapid rise and fall prompted speculation that the project was a rug pull; Welch also reported receiving death threats amid the controversy.
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