Incoming Senate Investigations Chair Puts Binance, Tether, Trump Crypto Firms on the Clock
U.S. Senator Richard Blumenthal has issued a January 2027 deadline to Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC to surrender records for ongoing cryptocurrency investigations.
U.S. Senator Richard Blumenthal has issued a warning to Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC, setting a January 4, 2027 deadline for them to surrender records related to his ongoing cryptocurrency investigations and noting that continued resistance could trigger further action.
In correspondence dispatched on November 5, Blumenthal noted that none of the four entities had provided any documentation over an 18-month span. President Trump-affiliated companies World Liberty and Fight Fight Fight were specifically instructed to begin producing records by November 30, 2026. While these demands remain voluntary for now, he warned that if the January deadline passes without compliance, the subcommittee will be left with “no choice but to consider alternative measures to obtain compliance.”
Blumenthal’s Deadline Falls a Day After the New Congress is Seated
Serving currently as the ranking Democrat on the Senate Permanent Subcommittee on Investigations, Blumenthal lacks the authority to issue subpoenas. Under existing panel regulations, subpoena power rests solely with the chair, restricting him to document requests that companies are not legally compelled to fulfill.
That dynamic is set to shift in January when Democrats assume control of the Senate following the midterms, positioning Blumenthal to step in as the subcommittee’s next chair. The new Congress convenes on January 3, exactly one day before his deadline expires, lending immediate enforcement weight to his warning about “alternative measures.”
Crypto enterprises were not the sole recipients of these letters. According to CNN, communications were also directed to Homeland Security Secretary Markwayne Mullin, FCC Chair Brendar Carr, and contributors to Trump’s White House ballroom initiative, including Amazon and Apple.
Binance and Tether Face Questions Over Iran and a Former White House Adviser
The Binance investigation focuses on the platform’s alleged involvement in $1.7 billion worth of transfers directed to Iran. Blumenthal ramped up that probe earlier in the year, and his staff subsequently released a report detailing USDT’s purported utilization within Iranian financial networks.
Tether’s situation connects more directly to the White House. The Wall Street Journal reported in October that Tether disbursed approximately $6.3 million to Nxum, a consulting enterprise co-established by Bo Hines. The initial payment was issued in May 2025 while Hines still served as executive director of the President’s Council of Advisers on Digital Assets, and he maintained a one-third equity stake in the firm throughout his tenure. The Journal noted that Hines also advocated for extending the GENIUS Act compliance timeline for stablecoin operators from 18 months to 36 months. He currently leads Tether US. Nxum has maintained that Hines had no participation in its Tether assignments while serving in government.
The Trump Crypto Probe has been Open Since May 2025
World Liberty Financial and Fight Fight Fight have faced scrutiny from Blumenthal for the longest duration, with the inquiry opened in May 2025 over potential legal and ethical breaches connected to the Trump family’s digital asset ventures, such as the involvement of overseas investors. The probe forms part of a broader Democratic initiative to investigate the TRUMP coin that previously lacked the power to compel answers.
The White House has pushed back. Trump has indicated his preparedness to challenge the incoming Democratic majority, and CNN reported that he instructed the Justice Department to “look into” Democrats mounting investigations against his administration.
The initial milestone arrives on November 30. If World Liberty and Fight Fight Fight provide nothing by that date, focus will shift to January 4 and the actions Blumenthal takes once he assumes the gavel.
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