TechFlow News, March 24: According to The Block, on March 23, U.S. Senator Elizabeth Warren—the top-ranking Democrat on the Senate Banking Committee—sent a letter to Beast Industries demanding a response by April 3 regarding its cryptocurrency-related initiatives targeting teenagers.
In her letter, Warren requested that YouTuber Jimmy Donaldson and Beast Industries CEO Jeff Housenbold clarify: whether Step intends to allow users to invest in crypto assets or NFTs; how Step’s products are marketed; and how user funds are safeguarded.
Beast Industries completed its acquisition of Step in February this year. Step enables minors to open bank accounts under parental supervision and, in 2022, partnered with Zero Hash to offer cryptocurrency and NFT buying, selling, and holding capabilities to users under age 18.
