Senator Elizabeth Warren has opened a formal inquiry into Beast Industries over the possibility that the company could market cryptocurrency products to minors through Step, the teen banking app it acquired in February 2026. The inquiry puts direct political pressure on any plan that could bring crypto features to a platform already used by young customers.
In a 12-page letter sent on March 23, 2026, Warren asked Beast Industries to answer 11 questions by April 3, 2026. Her request makes clear that the central issue is whether a youth-focused financial app could be used to introduce speculative digital assets to underage users without sufficient protections.
Warren’s Questions Focus on Crypto Access for Minors
Warren’s letter asks Beast Industries to explain whether Step plans to restore or expand crypto trading features, how parental controls would work, and what disclosures would apply to users under 18. The inquiry is focused not only on product design, but also on how the company would protect minors if crypto services were added to the app.
A major reason for the scrutiny is the overlap between MrBeast’s audience and Step’s target market. About 39% of Jimmy Donaldson’s followers are between 13 and 17, a concentration that intensifies concerns about celebrity influence in financial products aimed at minors.
Warren also pointed to Step’s earlier interest in crypto services. The letter notes that Step announced plans in 2022 to let users under 18 buy, sell, hold and receive cryptocurrencies and NFTs with parental oversight. She further argued that some of Step’s past materials encouraged children to pressure their parents into crypto investments.
The senator broadened the inquiry by citing other signs that Beast Industries may be exploring financial products tied to digital assets. She referenced an October 2025 trademark filing for “MrBeast Financial” that included cryptocurrency exchange and DeFi services, suggesting that the company’s ambitions may extend beyond conventional fintech offerings.
MrBeast’s Crypto History Adds to the Pressure
Warren’s letter also used Jimmy Donaldson’s own public comments as part of the case for oversight. She cited a 2021 interview in which he discussed a $1 million Bitcoin bet and sales of CryptoPunks that he said returned 20 to 30 times their purchase price. In her view, that history raises questions about whether a founder with a large youth audience could use his influence to steer minors toward volatile assets.
The inquiry also extends beyond crypto marketing and into Step’s banking infrastructure. Warren highlighted problems involving Evolve Bank & Trust, including missing customer funds in 2024 and the fact that the bank operates under a Federal Reserve consent order. She framed those issues as a warning about the risks tied to banking-as-a-service models when young users are involved.
The outcome of Beast Industries’ response could shape what happens next. If the company cannot show strong disclosures, parental controls and anti-fraud safeguards, the inquiry may trigger broader regulatory or legislative action around how influencers market financial products to minors.