U.S. Sen. Richard Blumenthal set Jan. 4, 2027, as the voluntary deadline for four firms to provide records in Senate inquiries into illicit cryptocurrency use and businesses linked to President Donald Trump.
Blumenthal’s office said Nov. 5 that it had sent follow-up letters to Binance, Tether, World Liberty Financial Inc. and Fight Fight Fight LLC. The office described him as the incoming chair of the Senate Permanent Subcommittee on Investigations. Blumenthal said the panel may consider “alternative measures to obtain compliance” if the records are not provided voluntarily by the deadline.
The Binance and Tether inquiry concerns illicit cryptocurrency use and alleged self-dealing involving the Trump administration and crypto companies, according to Blumenthal’s office. A separate inquiry examines possible ethics and legal issues involving World Liberty Financial and Fight Fight Fight. The office’s announcements describe allegations under review, not established findings of wrongdoing.
The subcommittee opened its inquiry into the Trump-linked ventures in May 2025, seeking information about ownership, foreign investment and potential conflicts of interest. Blumenthal’s office said Fight Fight Fight LLC launched the TRUMP token.
A summary by Senate Democratic investigators said 84% of 846 wallets that had been sanctioned or targeted for seizure over alleged Iran-linked activity used Tether (USDT) for nearly all their transactions. The figures are the investigators’ account of wallet activity, not a court finding against Tether. The company said Sept. 28 that actions involving its stablecoin had led to freezes of about $550 million in Iran-linked assets during 2026.
Binance disputed allegations about its sanctions controls in a March 6 response, saying there had been “no direct transactions involving Iran-based entities” on its platform. Blumenthal said April 1 that Binance’s response did not include the records he had requested.
Jan. 4, 2027, is the deadline for voluntary production. Blumenthal said the panel would consider other ways to obtain compliance if the firms do not provide the records by then, but he did not specify which measures it might use.
