The world's biggest YouTuber now owns a money app for teenagers. On February 9, Beast Industries, the company founded and led by Jimmy Donaldson, better known as MrBeast, announced it had acquired Step, a fintech app. Step says it has more than 7 million users, and its investors have included Stephen Curry, Charli D'Amelio, Justin Timberlake and Will Smith. The price wasn't disclosed. Per the release, the MrBeast channel has over 450 million subscribers.
A month later, Senator Elizabeth Warren wrote to Donaldson and Beast Industries CEO Jeff Housenbold. "Beast Industries is primarily an entertainment and consumer product company – and any foray into financial services, particularly services aimed at children – must be done with great care and in compliance with the law," she wrote, and asked for answers by April 3. Beast Industries told Banking Dive it was "examining all existing offerings and marketing approaches" to ensure compliance.
That's the real lesson of this deal for creators. When an entertainment brand buys a financial product, the marketing playbook changes. Here's one rule that comes with it.
Takeaway #1: An app is not a bank, and the ad has to say so
FROM THE RULE
"A statement made by a person that is not an insured depository institution regarding deposit insurance that fails to clearly and conspicuously disclose that the person is not an FDIC-insured depository institution and that FDIC insurance only covers the failure of the FDIC-insured depository institution."
What it means for you. Many money apps aren't banks. They partner with one. Step's own announcement says its products are "powered by its bank partner Evolve Bank & Trust, Member FDIC." The FDIC's rule says that if a non-bank talks about deposit insurance, it has to say clearly that it isn't the insured bank, and that FDIC insurance only covers the bank failing, not the app. Step's website does that in its footer: "Step is a financial technology company, not a bank."
The rule even gives an example of wording that counts as clear: "A statement that a person is not an FDIC-insured bank and deposit insurance covers the failure of an insured bank would be considered a clear statement for purposes of this provision." That covers this one disclosure, not the whole ad.
Another example in the same list covers "pass-through" coverage. Claims about money held at a partner bank must say that "certain conditions must be satisfied" for that coverage to apply. The devil is in the details, and in fintech, the details are the disclaimer.
Your move. If you're making ads for any money app, ask the brand for its approved FDIC language, in writing, before you script a single line.
Takeaway #2: The rule can reach whoever publishes the ad
FROM THE RULE
"Third-Party Publisher means any party that publishes, places, distributes, or circulates advertising or marketing materials, regardless of the platform or media used for distribution, containing FDIC-Associated Images, FDIC-Associated Terms, or other claims regarding FDIC insurance or guarantees."
What it means for you. The list of examples includes "internet or web-based distributors." Under §328.106(a), when the FDIC thinks something is misleading, it can send an advisory letter to the person behind it "and/or any person who aids or abets another in such conduct, including any Third-Party Publisher." The letter asks the recipient to fix it and "Commit in writing to refrain from such violations in the future."
So a creator who reads "your money is FDIC insured!" off a script isn't just the messenger. The core ban is on "knowingly" making false or misleading statements about deposit insurance (§328.102(b)(1)), and the rule's scope covers anyone who "aids or abets another" in one (§328.100(d)). And a statement can break the rule "regardless of whether any such consumer was actually misled" (§328.102(b)(3)). Words like "FDIC-insured" and "member FDIC" are listed "FDIC-Associated Terms," and using them sloppily is exactly what the rule polices.
Nothing here says Step or Beast Industries has broken this rule. The point is narrower. Once your brand includes a financial product, your ad reads like a financial ad, and regulators read it that way too.
Your move. Creators, add a clause to any fintech deal saying the brand supplies and approves all deposit-insurance wording, and that it will cover you if that wording is wrong.
Sample wording (our illustration): "Brand will provide all statements about FDIC insurance and is solely responsible for their accuracy."
And always remember, don't sign it till you read it, my friends.
General information, not legal advice. Reading this doesn't create an attorney-client relationship. Talk to a lawyer before you promote a financial product.
Sources
- Step press release, 'Beast Industries Acquires Step, Expanding Its Platform to Include Financial Services', Feb 9, 2026
- Sen. Elizabeth Warren, letter to Jimmy Donaldson and Jeffrey Housenbold, Mar 23, 2026 (Senate Banking Committee minority release)
- Banking Dive, 'Warren scrutinizes MrBeast's plans for fintech Step', Mar 24, 2026
- 12 C.F.R. Part 328, Subpart B (§§328.100–328.109), eCFR
- Step website footer, viewed Oct 9, 2026
