Senate Democrat Sets a January Deadline for Binance, Tether and Trump Linked Crypto Firms

Senator Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations and its incoming chair, has sent follow-up letters to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, the company behind the TRUMP memecoin. He wants the firms to start handing over records by November 30 and to finish voluntarily by January 4, 2027, a day after Democrats are due to take control of the Senate. If the date is missed, he warned the panel could pursue other ways to force compliance, and the subcommittee’s rules already let its chair issue subpoenas for documents. None of the four companies had responded to requests for comment.

Binance and Tether Sanctions Questions

Blumenthal first asked Binance in February for records on transactions tied to Iranian entities and Russia’s shadow fleet. Binance denied the underlying reports in March and said no account of its had dealt directly with an Iran based entity. In his latest letter, the senator says Binance still has not produced any of the records. His letter to Tether renews requests about sanctioned groups using USDT and about its dealings with Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines.

Trump Crypto Conflict of Interest Inquiry

Blumenthal opened this inquiry in May 2025, asking about ownership, foreign investment and conflict safeguards. World Liberty’s lawyers disputed his claims and said it has no tie to Fight Fight Fight LLC. In June 2026, he and four other Senate Democrats called for hearings on a reported $500 million deal for an Abu Dhabi investment firm to buy a 49% stake in World Liberty.