Massachusetts Senator Elizabeth Warren has raised concerns that YouTuber Jimmy Donaldson, known as “MrBeast,” may market cryptocurrency to teenagers and young adults after his company acquired the mobile banking app Step.
In a Monday letter to Donaldson, Warren asked whether Beast Industries planned to use the Step acquisition to promote crypto transactions and purchases to young users. Beast Industries, founded by Donaldson in 2012, bought Step in February; reports at the time put Step’s user base at about seven million. Donaldson said the purchase aimed to “give millions of young people the financial foundation I never had.” An October 2025 trademark application for “MrBeast Financial” included plans for a mobile app “providing cryptocurrency exchange services.”
Donaldson has one of YouTube’s largest audiences, with more than 472 million subscribers. Beast Industries also has crypto ties following a reported $200 million investment from BitMine Immersion Technology in January.
Step had announced in 2022 plans for an app that would allow “teens under 18 and young adults to buy, sell, hold and receive crypto,” stating parents could oversee teen access. Warren wrote that despite Step’s claims that minor crypto investing would require parental permission, Step “published resources encouraging kids to pressure their parents into crypto investments.” She added: “Beast Industries is primarily an entertainment and consumer product company – and any foray into financial services, particularly services aimed at children – must be done with great care and in compliance with the law.”
Warren requested information from Donaldson and Beast Industries CEO Jeff Housenbold about Step’s plans to allow young users to invest in cryptocurrencies or non-fungible tokens (NFTs) by an April 3 deadline. Cointelegraph sought comment from Beast Industries and Warren’s office but had not received a response at publication.
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