BlockBeats News, March 27 — According to The Block, U.S. Senator and Democratic Chair of the Senate Banking Committee Elizabeth Warren has expressed concern over Beast Industries’ acquisition of fintech company Step. Step previously allowed minors to invest in cryptocurrencies.
In a letter sent on Monday, Warren requested more information from Jimmy Donaldson (also known as MrBeast, with over 470 million YouTube subscribers) and Beast Industries CEO Jeff Housenbold.
Warren stated in the letter: “Beast Industries is primarily an entertainment and consumer goods company — any involvement in financial services, especially those targeting children, must be very cautious and comply with the law.”
Beast Industries acquired Step in February this year. The company says its mission is to make financial literacy and money management more accessible to young users. Step allows users under 18 to open bank accounts under parental supervision. Although Step itself is not a bank, its promotional app offers a “financial start” for teenagers and young people, providing tools for deposits, expense tracking, and credit building.
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