Sen. Elizabeth Warren announced Thursday that she is investigating YouTube superstar MrBeast over his company’s recent move into cryptocurrency and financial services.
In a 12-page letter sent to Beast Industries, the company run by Jimmy Donaldson, better known as MrBeast, Warren raised concerns about the firm’s February acquisition of the teen-focused banking app Step and its plans to offer crypto-related products.
Warren specifically questioned whether the company is marketing cryptocurrency investments to children, who make up a huge chunk of MrBeast’s audience.
Despite Step’s statements that any crypto activity by minors would require parent or guardian approval, Warren claimed the app had previously published materials encouraging kids to pressure their parents into crypto investments.
“I have questions for MrBeast,” Warren wrote in a post on X announcing the letter.
I have questions for MrBeast. pic.twitter.com/GvFT2B8kPe
— Elizabeth Warren (@SenWarren) March 27, 2026
The Massachusetts senator, a longtime critic of the cryptocurrency industry, also pressed for details on Beast Industries’ banking partner, Evolve Bank & Trust. The bank has faced past enforcement actions from the Federal Reserve over deficiencies in its anti-money laundering programs.
“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 wrote in the letter.
Beast Industries responded to the inquiry in a statement to Mediaite, saying the acquisition was intended to help young people build better financial futures.
“Our primary motivation behind this deal is to improve the financial future of the next generation,” a company spokesman said. “Now that we’ve completed the transaction and have ownership control, we’re examining all existing offerings and marketing approaches to ensure that Step’s future is developed thoughtfully and deliberately, meets our very high quality standards, and is in compliance with applicable laws and regulatory requirements.”
The company added that it “appreciates Senator Warren’s outreach” and plans to engage with her office on the project going forward.
MrBeast is one of the largest YouTubers among younger viewers due to his high-production giveaways, challenges, and philanthropy videos.
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