MrBeast’s new video plugs Step, the banking app Sen. Warren questioned

MrBeast used his latest video to show off Step, the banking app his company bought earlier this year. In the Oct 17 upload, Jimmy Donaldson said he deposited $175,000 into each winner’s Step account, according to Bitcoin.com News. He called Step “my brand new banking app.”

The video

The video is a challenge with a couple who had months to prepare before their wedding, per LADbible, which reports a $250,000 prize. It had more than 93 million views when Bitcoin.com wrote about it. The two outlets describe the money differently ($250,000 prize versus $175,000 in each winner’s Step account), and neither explains how the figures fit together, so we are reporting each as stated.

What Step is, and isn’t

Bitcoin.com says the video description states “Step is not a bank.” Banking services are provided by Evolve Bank & Trust, and app store listings call Step “a financial technology company, not a bank.” The listings advertise no crypto features. Step offered crypto trading, including to minors with parental permission, and shut it down in May 2024.

In Oct 2025, Beast Holdings LLC filed trademark applications for “Beast Financial” and “MrBeast Financial.” The MrBeast Financial filing lists crypto exchange and payment services, per Bitcoin.com. A company spokesperson said in the spring that Beast Industries had not announced plans to add digital assets to Step.

The Warren letter

Sen. Elizabeth Warren, the ranking member of the Senate Banking Committee, sent a 12-page letter on March 23 to Donaldson and Beast Industries CEO Jeff Housenbold, according to Banking Dive and 5WPR. She asked about plans for crypto and NFT trading, plans to advertise Step, and whether content would encourage minors to persuade their parents to let them invest in crypto. She asked for answers by April 3.

She also raised concerns about Evolve, which Banking Dive says was tied to the 2024 Synapse collapse and faced a Federal Reserve enforcement action that year.

engaging with her as we build the next phase of the Step financial platform— Beast Industries statement, as quoted by 5WPR

Banking Dive reports a spokesperson said the deal’s “primary motivation” is to improve the next generation’s financial future and that the company is reviewing Step’s offerings and marketing for compliance.

Where it stands

Bitcoin.com says it asked Beast Industries and Step for comment and would update if they replied. We found no public answer to Warren’s letter in the sources we reviewed.