Senator Warren Attacks MrBeast Over Plans to Offer Crypto to Teens

Senator Elizabeth Warren has raised eyebrows over Beast Industries’ plan to offer crypto to teenagers and young adults. In a 12-page letter sent to the popular YouTuber MrBeast, the senator asked various questions about his company’s foray into the financial market.

MrBeast to Offer Crypto to Teens

In February, MrBeast’s company, Beast Industries, announced the acquisition of Step, a fintech firm that offers “banking for the next generation.” Between 2022 and 2023, Step touted itself as the first to offer crypto savings and investment to teens and young adults aged 13 to 25.

According to the fintech company, offering crypto to these young people will enable them to make smarter financial decisions as adults. It explained that these young users can access crypto following their parents’ approval.

In the acquisition announcement, Step reiterated that its goal of offering crypto services to young customers will continue under Beast Industries’ leadership. To remain compliant with regulatory guidelines, Step has partnered with Evolve Bank & Trust, an American bank insured by the Federal Deposit Insurance Corporation (FDIC).

Senator Warren Questions MrBeast

A New York Times report outlined some concerns that Senator Warren has raised.

The senator raised concerns about Beast Industries, being an entertainment firm, venturing into financial services, especially services for “children.” She stressed that this must be done with “great care and in compliance with the law.”

In reality, this is not Beast Industries’ first foray into the crypto market. Earlier this year, the entertainment company secured $200 million in funding from BitMine, the largest public ETH holder. The fund aims to help both firms explore the decentralized finance (DeFi) sector.

During the non-fungible token (NFT) boom in 2021, MrBeast was among those who acquired a CryptoPunk NFT, a popular pixelated Ethereum-based NFT collection. Recall that investigations in 2024 revealed that the viral YouTuber was involved in pumping and dumping cryptocurrencies (shitcoins), netting him millions of dollars. The investigation also revealed that he executed these illicit trades using insider information.

Aside from the Beast Industries, Senator Warren also challenged Step and its banking partner, Evolve Bank & Trust.

“Despite Step’s careful claims that crypto investing by minors was only with the permission of a parent or guardian, Step published resources encouraging kids to pressure their parents into crypto investments,” she wrote.

Next, she recalled the bank’s sudden freeze of funds in 2024, which made over $100 million in users’ assets inaccessible. Following Synapse Financial Technologies’ crash in April 2024, Evolve Bank & Trust began struggling financially. In April 2025, Evolve faced a class action lawsuit over the misappropriation of customers’ funds.

Beast Industries Respond

Appreciating and responding to Warren’s questioning, a Beast Industries spokesman said:

“Our primary motivation behind this deal is to improve the financial future of the next generation. 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.”

Presently, neither MrBeast nor any executive from Beast Industries or Step has been subpoenaed to appear in court regarding Warren’s concerns.

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