Sen. Warren Challenges Beast Industries on Teen Crypto Access
- Senator Elizabeth Warren has requested a response from Beast Industries by April 3 regarding their acquisition of Step, a fintech app for teenagers.
- Step previously allowed minors to trade Bitcoin with parental approval and marketed access to altcoins and NFTs.
- Warren expressed concerns over Step’s partnership with Evolve Bank & Trust, which faced scrutiny after the Synapse collapse in 2024 left $96 million unaccounted for.
- The Federal Reserve took enforcement action against Evolve Bank in relation to a data breach in the same year.
Senator Warren is scrutinizing Beast Industries’ acquisition of Step due to its past involvement in offering digital assets like Bitcoin and NFTs to minors, raising concerns about compliance and financial safety for young users.
Warren’s inquiry highlights ongoing legislative sensitivity around how digital assets are marketed, particularly concerning youth-focused platforms and their financial partnerships. (Source)
