Senator Elizabeth Warren has directed MrBeast and Beast Industries to disclose their cryptocurrency and NFT plans for Step, a fintech application targeting teenagers that the YouTube creator acquired in February, with a response deadline of April 3. The inquiry centers on whether the new ownership intends to reintroduce digital assets into the platform and what consumer protections would safeguard user funds.
Step previously operated a cryptocurrency division in 2022, allowing teenagers with parental consent to buy and sell Bitcoin and other digital assets before the company shifted its strategic focus. Warren's formal letter specifically questions whether Beast Industries plans to revive crypto functionality and how the platform would market such features to its young user base, raising concerns about regulatory compliance and consumer protection standards for minors.
Beast Industries responded by stating it is currently reviewing Step's existing products and marketing materials to ensure future development aligns with applicable laws and regulatory requirements. The Senate inquiry underscores mounting scrutiny of cryptocurrency accessibility for underage users, particularly as major content creators expand into financial services.