2 changed files with 26 additions and 14 deletions
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 # Evolve Bank & Trust

-**Type:** Banking institution (fintech partner)
+**Type:** Banking partner for fintech platforms
 **Status:** Active, under regulatory scrutiny
+**Notable Partners:** Step (Beast Industries), Synapse (bankrupt 2024)

 ## Overview

-Evolve Bank & Trust serves as banking partner for multiple fintech platforms, including Step (acquired by Beast Industries in 2026).
+Evolve Bank & Trust serves as banking infrastructure for fintech platforms, including teen banking app Step (acquired by Beast Industries in 2026).

 ## Compliance History

-Evolve has three documented compliance failures:
+### Synapse Bankruptcy (2024)
+Evolve was entangled in the Synapse bankruptcy, which left $96M in consumer deposits unlocated. This represents a documented instance where an Evolve-partnered fintech left consumers without access to funds.

-1. **Synapse Bankruptcy (2024):** Entangled in bankruptcy resulting in $96M in unlocated consumer deposits
-2. **Federal Reserve Enforcement:** Subject to Fed enforcement action for AML/compliance deficiencies
-3. **Data Breach:** Experienced dark web data breach exposing customer data
+### Federal Reserve Enforcement
+Evolve was subject to Federal Reserve enforcement action specifically for AML (Anti-Money Laundering) and compliance deficiencies.

-These issues became focal point of Senator Warren's March 2026 scrutiny of Beast Industries' Step acquisition.
+### Data Breach
+Evolve experienced a dark web data breach exposing customer data.
+
+## Regulatory Attention
+
+The bank's compliance history became a focal point of Senator Elizabeth Warren's March 2026 scrutiny of Beast Industries' Step acquisition, with Warren citing all three compliance failures as evidence of consumer protection risk.

 ## Timeline

- **2024** — Synapse bankruptcy, $96M in unlocated consumer deposits
+- **2024** — Synapse bankruptcy leaves $96M in consumer deposits unlocated
 - **2024** — Federal Reserve enforcement action for AML/compliance deficiencies
 - **2024** — Dark web data breach of customer data
- **2026** — Banking partner for Step (Beast Industries acquisition)
+- **2026-03-23** — Named in Senator Warren letter as risk factor in Beast Industries' Step acquisition
--- a/entities/entertainment/step.md
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 ## Overview

-Step is a teen-focused banking application serving users ages 13-17. The platform was acquired by Beast Industries in 2026 as part of the creator conglomerate's expansion into financial services.
+Step is a teen-focused banking application serving over 7 million users aged 13-17. The platform was acquired by Beast Industries in 2026 as part of the creator conglomerate's expansion into financial services.

-## Regulatory Context
+## Banking Infrastructure

-Step's banking partner, Evolve Bank & Trust, has three documented compliance issues:
+Step operates through a partnership with Evolve Bank & Trust, which has faced multiple compliance challenges:
 - Entangled in 2024 Synapse bankruptcy ($96M in unlocated consumer deposits)
 - Subject to Federal Reserve enforcement action for AML/compliance deficiencies
 - Experienced dark web data breach of customer data

-These issues triggered Senator Elizabeth Warren's scrutiny of the Beast Industries acquisition, particularly given MrBeast's audience composition (39% ages 13-17) and Beast Industries' crypto aspirations via 'MrBeast Financial' trademark filing.
+## Regulatory Scrutiny
+
+The Beast Industries acquisition triggered immediate congressional attention. Senator Elizabeth Warren sent a 12-page letter (March 23, 2026) raising concerns about:
+- Evolve Bank's compliance history
+- Beast Industries' "MrBeast Financial" trademark filing suggesting crypto/DeFi aspirations
+- Marketing crypto to minors (39% of MrBeast's audience is 13-17)
+- Beast Industries' organizational maturity (lack of general counsel, misconduct reporting mechanisms)

 ## Timeline

 - **2026** — Acquired by Beast Industries
- **2026-03-23** — Senator Warren sent 12-page letter to Beast Industries regarding acquisition, deadline April 3, 2026
+- **2026-03-23** — Senator Warren letter scrutinizing acquisition and Evolve Bank partnership