Binance, Tether and Trump crypto firms face Senate records deadline
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Written by
Simonas Brazionis - Updated 2026-11-10 20:43:53
Senator Richard Blumenthal has set a deadline of January 4, 2027, for Binance, Tether, and Trump-linked crypto firms to provide records requested in ongoing Senate inquiries. The ranking Democrat and incoming chair of the Senate Permanent Subcommittee on Investigations indicated that failure to comply by this date could lead to further action.
The firms in question are Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC, the company behind the TRUMP memecoin. Blumenthal's follow-up letters, issued on Thursday, requested that the companies begin submitting records by November 30. The January 4 deadline is set one day after Democrats are projected to assume control of the Senate.
Senate Inquiry Scope and Trump's Crypto Ventures
The Senate inquiries encompass various issues, including sanctions compliance and the crypto ties of former President Donald Trump. In May 2025, Blumenthal initiated an investigation into potential conflicts of interest concerning Trump's crypto ventures, seeking records on ownership, foreign investments, and safeguards from World Liberty Financial and Fight Fight Fight LLC.
Lawyers for World Liberty Financial disputed the claims, asserting no affiliation with Fight Fight Fight LLC. In June 2026, Blumenthal and four other Democratic senators called for hearings regarding a reported $500 million deal for an Abu Dhabi investment firm to acquire a 49% stake in World Liberty Financial.
Binance and Tether Investigations
Regarding Binance, Blumenthal requested records in February related to transactions involving Iranian entities and Russia's shadow fleet. Binance responded in March, stating that the underlying reports were false and that, to its knowledge, no Binance account had directly transacted with an Iran-based entity. However, Blumenthal's recent letter indicated that Binance had not yet provided any of the requested records.
The letter to Tether reiterated demands for information on the use of USDT by sanctioned entities and Tether's interactions with Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines. In September, a report by the panel's Democratic staff, released by Blumenthal, alleged that USDT had become a significant component of Iran's shadow banking network.
Tether countered these claims, asserting that USDT does not provide a haven for sanctioned actors and stating that it assisted authorities in freezing nearly $550 million in Iran-linked tokens in 2026.
