The senator argued that the Step promoted “risky investments” on social media, while providing users with resources that allegedly encouraged kids to pressure their parents into allowing crypto investments through Step, including a script that was posted to YouTube.
In a statement, a spokesperson for Beast Industries said that it appreciates Warren’s outreach, and the company plans on engaging with her as Step evolved under MrBeast. Warren’s letter put forth 11 different questions for the company to answer, which include procedures for accommodating users who lose funds due to fraud, scams, and cybersecurity failures.
“Our primary motivation behind this deal is to improve the financial future of the next generation,” they added. “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.”
With over 500 million across social media, Warren wrote that MrBeast’s fans are loyal and likely to place their “funds, savings, and financial futures” in the YouTube star’s hands.
