Senator Elizabeth Warren calls out MrBeast after he acquired controversial banking app for children
Senator Elizabeth Warren has called out YouTuber MrBeast after he acquired a banking app for kids.
The politician didn't hold back with her statement on X, formerly Twitter, as Warren wrote: “I have questions for MrBeast," as well as issuing an open letter.
She added some further context with a photo of herself, and a caption elaborating exactly why she wants to ask questions: “Elizabeth Warren on Beast Industries purchasing kid banking app Step.”
The Massachusetts Senator is said to have concerns whether the popular YouTuber, real name Jimmy Donaldson, will target kids with crypto after his company acquired the financial app aimed at youngsters.
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According to Business Wire, MrBeast's company made the acquisition back in February, including their reported seven million-person strong user base.
MrBeast said at the time of the purchase that he was interested in the app because he was seeking to give 'millions of young people the financial foundation I never had.'
Back in 2025, MSN reports the YouTuber filed a trademark application for MrBeast Financial which also included an app 'providing cryptocurrency exchange services.'
He also received a a $200 million investment from BitMine Immersion Technology back in January.
Back in 2022, Step declared the app would be for 'teens under 18 and young adults to buy, sell, hold and receive crypto' but stated that 'parents will be able to oversee their teen’s access' and what they were investing."
Warren shared a letter with her concerns: “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."
"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 has asked for more information about their plans.
She shared fears parents may be pressured: "Step, for example, produced a video titled ‘How to Talk to Your Parents About Investing in Crypto,’ which was targeted at kids whose parents ‘want nothing to do with crypto' The video coaches children on how to convince their parents to let them make investments their parents may not want and includes specific scripts for children to use while talking to their parents."
She pointed out one video which provided kids with an exact script to use to persuade their parents, instructing them to 'throw in something relatable like, ‘Mom, you’ve had apple stock forever, Bitcoin has just as much potential.’”
Warren continued: "Paired with Mr. Donaldson’s very loyal following of children and teenagers, it is likely that many young people will trust Step with their funds, savings, and financial futures."
She then asked a series of questions, which included:
- Does Beast Industries intend to allow users of Step to invest in or hold cryptocurrency or NFTs? Provide copies of any such plans, communication, meeting minutes, or other documents to support your answer.
- Did Step ever allow any user to purchase an NFT or a cryptocurrency beyond Bitcoin? Explain the timeline of such offerings and an explanation as to why they were wound down. If Step never offered such options, describe why Step advertised plans to but did not follow through on these offerings.
- How does Beast Industries plan to advertise Step and grow Step’s user base? Will Mr. Donaldson mention Step in any future videos? Will Beast Industries, Step, or Mr. Donaldson offer any version of a game, sweepstakes, lottery, or other competition related to Step?
It is not known when, or if, MrBeast has responded to her queries.
Topics: MrBeast, Politics, Money, Cryptocurrency
Jen Thomas