"Warren noted that Step once marketed itself as the first platform to let teens buy and sell bitcoin with parental consent, raising concerns about the risks involved."
"She also pointed to past promotions suggesting users under 18 could access tokens and buy NFTs, indicating a push of risky products to minors."
"Warren asked why Step continues to partner with Evolve Bank & Trust, which faced scrutiny after the 2024 Synapse collapse left up to $96 million in customer funds unaccounted for."
Sen. Elizabeth Warren is scrutinizing Beast Industries following its acquisition of Step, a fintech app for teenagers. She requested information on Step's future, particularly regarding crypto and NFT investments. Warren emphasized the need for caution in financial dealings with young users, highlighting Step's previous marketing of crypto trading to minors. She expressed concern over Step's partnership with Evolve Bank & Trust, which has faced legal issues and scrutiny. Warren's letter underscores the importance of regulatory compliance and protecting minors' financial interests.
Read at news.bitcoin.com
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