US Senator Richard Blumenthal has given Binance, Tether, and two cryptocurrency companies linked to Donald Trump until January 4, 2027, to submit requested documents as part of ongoing Senate investigations. The inquiries are focused on suspected illicit cryptocurrency transactions and possible conflicts of interest involving the Trump administration.
Blumenthal, who is expected to become the next chair of the Senate Permanent Subcommittee on Investigations, sent letters to all four companies on November 5. According to the latest developments, he warned that failure to provide the requested records could prompt the committee to explore other enforcement options.
World Liberty Financial and Fight Fight Fight LLC, the company responsible for the Official Trump memecoin, are facing separate inquiries involving foreign investments and potential conflicts of interest. Meanwhile, Binance and Tether are being questioned about alleged illicit financial activity, including cryptocurrency transactions reportedly connected to Iran.
Blumenthal Sets January Deadline for Crypto Companies to Submit Records
The latest correspondence represents another escalation in congressional scrutiny following months of investigations and previous requests for information.
The companies face two important deadlines. November 30 is the initial date for producing documents, while January 4, 2027, serves as the final deadline for voluntary compliance. Blumenthal cautioned that the Senate panel could consider alternative measures if the companies fail to provide the requested information.
In letters sent to Binance, Tether, and the two Trump-associated cryptocurrency businesses, the senator reiterated the committee’s demand for records connected to its ongoing investigations.
However, the correspondence does not constitute a formal subpoena or announce any immediate enforcement action. Instead, it gives the companies an additional opportunity to cooperate voluntarily before the subcommittee considers further action.
Blumenthal currently serves as the ranking Democratic member of the investigative panel. He is expected to assume the chairmanship when Democrats take control of the Senate subcommittee, potentially giving him greater authority to pursue compulsory document requests.
The investigation into Binance has already involved multiple rounds of communication. Blumenthal initially sought information in February 2026 regarding the exchange’s compliance procedures and suspected transactions involving Iran.
He followed up with additional requests in April, raising concerns about whether Binance had accurately represented its handling of suspicious financial activity. Binance has disputed allegations concerning its compliance practices.
Tether and Trump’s Crypto Businesses Face Different Investigations
The investigation into Tether intensified after Democratic members of the Senate subcommittee released a report on September 28. The document examined 846 cryptocurrency wallets that had been sanctioned or targeted for seizure because of alleged connections to Iran and affiliated regional groups.
According to investigators, approximately 84% of the identified wallets had conducted transactions exclusively or almost entirely using USDT. The report characterized Tether’s stablecoin as an important channel supporting Iran’s shadow banking activities.
Tether has challenged the investigators’ conclusions, emphasizing that its compliance department actively identifies and freezes suspicious cryptocurrency wallets.
CEO Paolo Ardoino also argued that the company had acted ahead of official enforcement measures, claiming that Iran-linked wallet addresses were frozen an average of four weeks before formal sanctions designations.
The Trump-related investigation, meanwhile, centers on World Liberty Financial and Fight Fight Fight LLC. Blumenthal initially launched the inquiry in May 2025 amid concerns about possible conflicts of interest connected to Trump’s cryptocurrency ventures.
Investigators are examining overseas investments, financial connections with foreign entities, and potential violations of government ethics standards.
Fight Fight Fight LLC is behind the Official Trump memecoin, while World Liberty Financial operates as a cryptocurrency venture associated with the Trump family.
In July 2026, Blumenthal also organized a public forum examining the Trump family’s cryptocurrency businesses. The proceedings included testimony from investors in the TRUMP token who described suffering financial losses worth thousands of dollars.
The latest document requests bring together two separate areas of congressional oversight. One investigation examines potential violations involving sanctions-related cryptocurrency transactions, while the other focuses on foreign financial interests and possible conflicts involving presidential business activities.
The January 4 deadline could become an important milestone in the Senate’s efforts to obtain information from major cryptocurrency companies and Trump-linked businesses.
As Blumenthal prepares to take leadership of the investigative subcommittee, Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC face increasing pressure to provide records and address lawmakers’ concerns.
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