US Senator Elizabeth Warren has issued a formal inquiry to YouTube star Jimmy Donaldson, popularly known as MrBeast, regarding his company’s acquisition of the teen-centric banking app Step. In a 12-page letter sent on Monday, March 23, 2026, the senator raised concerns about whether the influencer intends to market cryptocurrency products to his massive audience of minors and young adults.
The probe follows the February 2026 acquisition of Step by Beast Industries, Donaldson’s holding company. Warren, a prominent crypto critic on the Senate Banking Committee, questioned the firm’s ability to manage a financial platform safely. She specifically highlighted a 2025 trademark filing for “MrBeast Financial,” which included provisions for cryptocurrency exchange services and decentralized finance (DeFi) tools.
LATEST: ⚡ Senator Elizabeth Warren sent a letter to MrBeast questioning whether Beast Industries plans to offer crypto and NFTs through Step, a financial services app aimed at teenagers. pic.twitter.com/XhnaFsbv9E
— CoinMarketCap (@CoinMarketCap) March 24, 2026
Influencer reach sparks regulatory alarm.
Step is a financial application designed for teens and young adults, enabling them to open a bank account with parental supervision if they are under 18. It is not a bank, but a “banking-as-a-service” company that offers regulated banking products such as deposit accounts and credit cards.
Warren’s letter pointed to the significant risk posed by Donaldson’s reach, noting that roughly 39% of his 472 million subscribers are aged between 13 and 17. Step is a financial app designed for teens and young adults. It enables users aged under 18 to open a bank account with parental guidance. However, it does not have a banking license. Instead, it utilizes the banking-as-a-service model. This means that it partners with Evolve Bank and Trust to offer regulated financial services.
The senator emphasized that entering the financial services space for kids has to be done with extreme care. She asked for thorough information regarding fraud measures, cybersecurity, and advertising by April 3.
The inquiry also re-examined Step’s past with digital assets. For instance, in 2022, Step was the first US-based platform to enable users aged less than 18 to trade crypto and NFTs with the help of a partnership with Zero Hash. However, this service was suspended in 2024. Warren noted that Step had previously published materials that encouraged children to “pressure” their parents to make crypto investments.
Beast Industries responds to Senate inquiry
Beast Industries, a company affiliated with Step, claimed that they are currently reviewing all of Step’s existing offerings to ascertain whether they meet high standards of quality and regulatory compliance. Beast Industries claimed that their primary concern is to improve the future of the coming generation and is willing to cooperate with Senator Warren’s office during this transition period.
The inquiry comes in an era of concern over Step’s banking partner, Evolve Bank & Trust, which is currently facing a Federal Reserve consent order. Beast Industries is also facing an internal crisis, having terminated a video editor for allegedly using non-public information to make near-perfect trades on a prediction market platform known as Kalshi.
The recent $200M investment from Bitmine further proves Beast Industries’ crypto ambition. However, ensuring the safety of millions of young fans from volatile assets remains the urgent, unresolved regulatory question.
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