BlockBeats News, March 27th, According to The Block, Elizabeth Warren, the Democratic chief member of the U.S. Senate Banking Committee, expressed concern about Beast Industries' acquisition of the financial technology company Step. Step had previously allowed minors to invest in cryptocurrency.
In a letter sent out on Monday, Warren requested Jimmy Donaldson (aka MrBeast, a YouTuber with over 470 million subscribers) and Beast Industries CEO Jeff Housenbold to provide more information.
Warren stated in the letter: "Beast Industries is primarily an entertainment and consumer-oriented company—any foray into financial services, especially services aimed at children, must be very cautious and comply with the law."
Beast Industries acquired Step in February this year. The company stated that its mission is to make financial knowledge and wealth management more accessible to young users. Step allows users under 18 to open a bank account under parental supervision. While Step is not a bank itself, its promoted app offers a way for teenagers and young people to have a "financial start," providing tools such as deposits, expense tracking, and credit building.
