Binance, Tether and Trump crypto firms face Senate records deadline

US Senator Richard Blumenthal gave Binance, Tether and two Trump-linked crypto firms until Jan. 4, 2027, to voluntarily turn over records sought in Senate inquiries.

Failure to meet the January deadline could prompt further action, he warned.

Blumenthal, the ranking Democrat and incoming chair of the Senate Permanent Subcommittee on Investigations, sent follow-up letters Thursday to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, the company that launched President Donald Trump’s TRUMP memecoin.

The letters asked the companies to begin turning over records by Nov. 30. The Jan. 4 deadline falls a day after Democrats are due to take control of the Senate.

Blumenthal wrote that the subcommittee would consider “alternative measures to obtain compliance” if the companies miss the January deadline. The panel’s current rules allow its chair to issue subpoenas for documents and records.

Cointelegraph sought comment from Binance, Tether, World Liberty Financial and Fight Fight Fight LLC but did not receive responses before publication.

Senate inquiries span sanctions and Trump’s crypto ties

In May 2025, Blumenthal opened an inquiry into potential conflicts of interest involving Trump’s crypto ventures. He sought records from both firms on their ownership, foreign investments and safeguards against conflicts of interest. World Liberty Financial’s lawyers disputed his claims and said the company had no affiliation with Fight Fight Fight LLC.

In June 2026, Blumenthal and four other Senate Democrats called for hearings into a reported $500 million deal for an Abu Dhabi investment firm to buy a 49% stake in World Liberty Financial.

In February, Blumenthal asked Binance for records on transactions linked to Iranian entities and Russia’s shadow fleet. Binance called the underlying reports false in its March reply and said that, to its knowledge, no Binance account had transacted directly with an Iran-based entity. In Thursday’s letter, Blumenthal said Binance still hadn’t turned over any of the requested records.

Blumenthal’s letter to Tether renewed requests for records on the use of USDT by sanctioned entities and on Tether’s dealings with Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines.

In September, Blumenthal released a report by the panel’s Democratic staff alleging that USDT has become a key part of Iran’s shadow banking network. Tether disputed claims that USDT provides a haven for sanctioned actors, saying it helped authorities freeze nearly $550 million in Iran-linked tokens in 2026.

*Magazine:* *Vitalik ‘pivots’ ETH to store of value, crypto suffers after US midterms: Hodler’s Digest*