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Sen. Elizabeth Warren (D-MA) sent a twelve-page letter to YouTuber MrBeast on Thursday, posing numerous questions about his company’s recent expansion into cryptocurrency.
Warren requested more information about the February purchase by Beast Industries of the banking app Step and the app’s push to promote its services to young users.
“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,” wrote Warren in the letter to Beast Industries’ chief executives.
Warrant put it more directly in a post announcing the letter, writing, “I have questions for MrBeast.”
The senator asked for further information about the company’s move into the financial sphere, posing over a dozen questions and raising concerns about the company’s banking partner, Evolve Bank & Trust. The financial services company has had a series of problems in years past, including facing enforcement actions from the Federal Reserve Board over deficiencies in the bank’s anti-money laundering programs.
Much of the letter focused on Beast Industries’s potential marketing of cryptocurrency to children, who make up a significant portion of MrBeast’s viewers.
“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,” wrote the senator.
In an emailed statement, Beast Industries claimed the company was focused on aiding the “financial future” of young people, noting that it was putting specific focus on complying with the law and developing the app in a careful manner.
“Our primary motivation behind this deal is to improve the financial future of the next generation,” a Beast Industries spokesman wrote. “Now that we’ve completed the transaction and have ownership control, we’re examining all existing offerings and marketing approaches to ensure that Step’s future is developed thoughtfully and deliberately, meets our very high quality standards, and is in compliance with applicable laws and regulatory requirements.”
The company added that “we appreciate Senator Warren’s outreach” and would be “engaging” with her on the Step project in the future.
The post Elizabeth Warren Announces, ‘I Have Questions for MrBeast’ About Crypto and Children first appeared on Mediaite.
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