Senate Sets January Deadline for Crypto Giants Including Binance and Trump-Affiliated Companies
Four cryptocurrency companies received formal requests from Sen. Richard Blumenthal to submit documentation starting Nov. 30, with potential consequences looming if the Jan. 4 deadline passes without compliance.
Four major cryptocurrency entities—Binance, Tether, and two companies with connections to President Trump—have been given until Jan. 4, 2027, by US Senator Richard Blumenthal to provide documentation requested as part of ongoing Senate investigations on a voluntary basis.
The senator has issued a warning that missing the January cutoff date may result in additional measures being taken.
In his capacity as the ranking Democrat and soon-to-be chairman of the Senate Permanent Subcommittee on Investigations, Blumenthal dispatched follow-up correspondence on Thursday to the four entities: Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC, which is responsible for launching the TRUMP memecoin associated with President Donald Trump.
The correspondence requested that these organizations commence the submission of documentation by Nov. 30. The deadline of Jan. 4 comes just one day following the scheduled transfer of Senate control to the Democratic Party.
In his written communications, Blumenthal indicated that the subcommittee would explore "alternative measures to obtain compliance" should the companies fail to meet the January cutoff. Under the panel's existing regulations, the chair possesses authority to issue subpoenas compelling the production of documents and records.
Requests for comment were sent by Cointelegraph to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, though no responses were received prior to the time of publication.
Senate inquiries span sanctions and Trump's crypto ties
Blumenthal initiated an investigation in May 2025 examining possible conflicts of interest connected to Trump's cryptocurrency business ventures. His requests for documentation from both companies focused on their ownership structures, foreign capital investments and protective measures against potential conflicts of interest. Legal representatives for World Liberty Financial challenged his assertions and stated that the organization maintained no connection with Fight Fight Fight LLC.
During June 2026, Blumenthal joined forces with four additional Democratic senators to demand hearings regarding a purported $500 million transaction involving an Abu Dhabi-based investment firm's acquisition of a 49% ownership position in World Liberty Financial.
In February, Blumenthal made a formal request to Binance for documentation concerning transactions connected to Iranian entities and Russia's shadow fleet operations. In its March response, Binance characterized the underlying allegations as false and stated that, according to its knowledge, no account on the Binance platform had engaged in direct transactions with any Iran-based entity. Thursday's correspondence from Blumenthal noted that Binance had not yet provided any of the documentation that was requested.
The letter addressed to Tether reiterated previous requests for documentation regarding the utilization of USDT by entities under sanctions and concerning Tether's business relationships with Nxum, a consulting organization co-founded by Bo Hines, who previously served as a White House crypto adviser.
A report released by Blumenthal in September, prepared by the panel's Democratic staff members, made allegations that USDT has evolved into a critical component of Iran's shadow banking infrastructure. Tether has contested assertions that USDT serves as a safe harbor for actors under sanctions, pointing to its assistance to authorities in freezing approximately $550 million worth of Iran-linked tokens throughout 2026.