Massachusetts Senator Elizabeth Warren has sent a formal letter to Jimmy Donaldson, the YouTuber widely known as MrBeast, raising concerns about whether he intends to promote cryptocurrency products to teenagers and young adults. The letter, sent on Monday, follows Donaldson’s company acquisition of a mobile banking application popular with younger users. Warren is seeking clarity on the scope of any planned crypto offerings directed at minors.
Donaldson founded his holding company, Beast Industries, in 2012 alongside the launch of his YouTube channel. In February, Beast Industries acquired the mobile banking app Step, which reportedly has a user base of seven million people. At the time of the purchase, Donaldson stated the goal was to give young people a financial foundation he said he never had himself.
An October 2025 trademark application filed under the name MrBeast Financial outlined plans for a mobile app that would provide cryptocurrency exchange services. Beast Industries also has existing financial ties to the crypto sector, having received a reported $200 million investment from BitMine Immersion Technology in January. Donaldson currently has more than 472 million subscribers on YouTube, giving him one of the largest audiences on the platform.
Step had previously announced plans in 2022 for a feature allowing users under 18 and young adults to buy, sell, hold, and receive crypto, with the caveat that parents would be able to oversee their teen’s access. Warren’s letter, however, challenged the adequacy of those safeguards. She alleged that Step published resources encouraging minors to pressure their parents into approving cryptocurrency investments, despite the company’s stated parental oversight requirements.
Warren requested that Donaldson and Beast Industries CEO Jeff Housenbold provide information about Step’s plans to allow its young user base to invest in cryptocurrencies or non-fungible tokens by April 3. Cointelegraph sought comment from both Beast Industries and Warren’s office but had not received a response by the time of publication. The request signals growing regulatory and legislative scrutiny of influencer-led financial platforms targeting younger demographics.
The situation draws broader attention to the risks faced by young investors in the crypto space. In a separate case, online influencer Haliey Welch, who gained public recognition as the “Hawk Tuah” girl after a TikTok video went viral in 2024, spoke publicly for the first time in months following the collapse of her memecoin. Her token, HAWK, surged to a market capitalization of approximately $500 million before losing more than 90% of its value, leaving investors with estimated losses of $200,000. Welch stated she received death threats in the aftermath, with many observers speculating the collapse was a rug pull.
Originally reported by CoinTelegraph.
