On Thursday, Sen. Elizabeth Warren (D-Mass.) took to X and posted "I have questions for MrBeast," referring to YouTuber Jimmy Donaldson.

Warren Questions MrBeast's Move Into Finance

Her post referred to a 12-page letter she sent to MrBeast last month.

In a detailed letter, Warren asked Donaldson and Beast Industries CEO Jeffrey Housenbold to explain the company's plans following its acquisition of teen-focused fintech app Step.

The lawmaker requested clarity on compliance, marketing practices and safeguards for young users, the New York Times reported.

Crypto Concerns For Teen Users

A key focus of Warren's inquiry is whether Beast Industries could promote cryptocurrency to minors.

Step previously explored allowing teens to buy and hold crypto with parental oversight before backing away from the plan.

"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," Warren wrote.

Donaldson has previously spoken publicly about his own crypto bets, including investments in Bitcoin (CRYPTO: BTC) and NFTs that delivered significant returns.

Beast Industries Responds

A spokesperson for Beast Industries told the publication that the company's "primary motivation" is to "improve the financial future of the next generation," adding it is reviewing offerings to ensure compliance.

"We appreciate Senator Warren's outreach and look forward to engaging with her as we build the next phase of the Step financial platform," the spokesperson said.

Beast Industries did not immediately respond to Benzinga's request for comments.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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