US Senator Richard Blumenthal has given Binance, Tether and two cryptocurrency businesses linked to President Donald Trump until January 4, 2027, to provide documents requested in ongoing congressional investigations.The Connecticut Democrat announced the renewed demands on November 5, following the November 3 midterm elections, which positioned him to become chairman of the Senate Permanent Subcommittee on Investigations.The letters target cryptocurrency exchange Binance, stablecoin issuer Tether, Trump family-backed World Liberty Financial and Fight Fight Fight LLC, the company associated with the Official Trump memecoin. Blumenthal warned that failure to voluntarily provide the requested records could prompt the subcommittee to consider alternative measures to secure compliance.The January deadline comes immediately after the new Congress is scheduled to convene, potentially strengthening the senator’s ability to pursue documents through formal congressional procedures. However, no new subpoenas have been announced, and the requests do not establish wrongdoing by the companies involved.
Binance and Tether Face Questions Over Illicit Transactions
Blumenthal’s investigation into Binance concerns allegations involving cryptocurrency transactions associated with sanctioned entities and illicit financial networks. Earlier this year, the senator sought information about reported Iran-linked transfers involving the exchange.Binance disputed allegations that it facilitated sanctions evasion, maintaining that its compliance systems had substantially reduced exposure to prohibited activity. Tether faces separate questions about the use of its USDT stablecoin within Iran’s financial networks.A September Senate minority staff report identified 846 cryptocurrency wallets linked to Iranian sanctions or seizure actions. According to the report, approximately 84% of those wallets used USDT exclusively or almost exclusively.Tether has emphasized its cooperation with law enforcement and previously reported supporting freezes involving approximately $550 million in Iran-linked assets during 2026. Blumenthal is also examining reported payments from Tether to Nxum, a consulting firm co-founded by former White House cryptocurrency adviser Bo Hines.The senator’s October 22 inquiry raised concerns about possible conflicts involving private business relationships and federal cryptocurrency policymaking. Those concerns remain allegations under congressional examination rather than established violations.
Trump Family Crypto Ventures Face Renewed Congressional Scrutiny
World Liberty Financial and Fight Fight Fight LLC are subject to a separate investigation launched in May 2025. Blumenthal has requested information concerning foreign investments, government ethics requirements and financial arrangements involving Trump-associated cryptocurrency businesses.The inquiry includes World Liberty Financial’s operations and the Official Trump token. In July 2026, Blumenthal held a public forum examining the family’s cryptocurrency ventures, including testimony from investors who reported losses involving the TRUMP memecoin.The senator’s latest correspondence asks the Trump-linked businesses to begin producing outstanding records by November 30, ahead of the January 4 deadline. The companies’ responses could influence whether congressional investigators pursue additional action after the new Congress convenes.As the subcommittee’s current ranking member, Blumenthal cannot independently compel compliance with these voluntary requests. Becoming chairman would provide additional investigative authority, although compulsory measures would still need to follow applicable Senate procedures.The renewed scrutiny arrives as Congress continues debating cryptocurrency market structure legislation and the appropriate division of regulatory responsibilities between the SEC and CFTC. For the industry, the investigations could increase attention on exchange compliance, stablecoin transactions and political conflicts of interest.However, the eventual consequences will depend on the records produced, any subsequent investigative findings and whether lawmakers pursue formal enforcement mechanisms. For now, January 4 represents a significant congressional deadline rather than a determination of legal liability.