No Jan. 4, no chill: Senate crypto probes enter overtime

U.S. Senator Richard Blumenthal has given Binance, Tether, World Liberty Financial and Fight Fight Fight LLC until January 4, 2027, to produce records requested in Senate investigations, warning that noncompliance could prompt further action. The four firms were instructed to begin turning over documents by Nov. 30.

Blumenthal, the ranking Democrat and incoming chair of the Senate Permanent Subcommittee on Investigations, sent follow-up letters Thursday to the companies. The Jan. 4 deadline falls one day after Democrats are expected to take control of the Senate. He wrote that the subcommittee would consider “alternative measures to obtain compliance” if the deadline is missed, noting that its current rules allow its chair to issue subpoenas for documents and records.

The inquiries cover Binance and Tether’s alleged links to illicit crypto activity, sanctions, and dealings with the Trump administration, along with potential ethics violations and conflicts of interest involving Trump-linked crypto businesses. Blumenthal said Binance had not supplied records requested in February concerning 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.

Blumenthal’s letter to Tether renewed requests for information about sanctioned entities’ use of USDT and Tether’s dealings with Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines. In September, the subcommittee’s Democratic staff released a report 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.

World Liberty Financial, which members of Trump’s family launched, has also faced scrutiny over ownership, foreign investments, safeguards against conflicts of interest and a reported $500 million deal for an Abu Dhabi investment firm to buy a 49% stake in the company. Blumenthal and four other Senate Democrats called for hearings into the reported transaction in June 2026. World Liberty Financial’s lawyers disputed his claims and said the company has no affiliation with Fight Fight Fight LLC, which launched President Donald Trump’s TRUMP memecoin.