Massachusetts Senator Elizabeth Warren has raised concerns about whether YouTuber Jimmy Donaldson, better known as “MrBeast,” intends to market cryptocurrency to teenagers and young adults following his purchase of a mobile banking app.
In a Monday letter to Donaldson, Warren questioned whether the online influencer planned to use his company’s acquisition of the mobile banking app Step to push crypto transactions and purchases on young people.
Donaldson, a YouTuber who grew an online following in part due to his stunts and financial giveaways, founded his holding company, Beast Industries, in 2012 with the launch of his channel.
In February, the company acquired Step, with a reported seven million-person user base. At the time, Donaldson said the purchase was aimed at “giv[ing] millions of young people the financial foundation I never had.” An October 2025 trademark application for MrBeast Financial included plans for a mobile app “providing cryptocurrency exchange services.”
With more than 472 million subscribers on YouTube, Donaldson has one of the largest audiences on the video-sharing platform. His holding company, Beast Industries, already has financial ties with the crypto industry following a $200 million investment from BitMine Immersion Technology in January.
Related: MrBeast allegedly reaped $10M promoting and dumping altcoins
Step announced plans for an app that would allow “teens under 18 and young adults to buy, sell, hold and receive crypto” in 2022. However, the notice said that “parents will be able to oversee their teen’s access” for investments.
“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,” said Warren in the Monday letter, adding:
“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 requested information from Donaldson and Beast Industries CEO Jeff Housenbold on Step’s plans to allow its young user base to invest in cryptocurrencies or non-fungible tokens (NFTs) by April 3. Cointelegraph has sought comment from both Beast Industries and Warren’s office, but had not received a response as of the time of publication.
“Hawk Tuah” influencer speaks out about memecoin
Another online influencer, Haliey Welch, who became known as the “Hawk Tuah” girl following her appearance in a TikTok video went viral in 2024, has addressed the public for the first time in months after the launch of her memecoin left investors with losses estimated at $200,000.
Welch reported receiving death threats after her HAWK memecoin surged to a market capitalization of about $500 million before collapsing by more than 90% in what many speculated was a rug pull.
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