TLDR
- Sen. Richard Blumenthal gave four crypto firms until Jan. 4, 2027, to hand over records voluntarily.
- The firms are Binance, Tether, World Liberty Financial and Fight Fight Fight LLC.
- He cannot issue subpoenas now, but he is set to chair the Senate subcommittee in January.
- A September staff report found 84% of 846 Iran-linked wallets used USDT almost exclusively.
- A separate Oct. 22 request asks Tether for records on consulting firm Nxum.
Sen. Richard Blumenthal has set a deadline for four crypto companies to give his Senate panel the records it has requested. The date is Jan. 4, 2027. His office announced the follow-up letters in a Nov. 5 statement.
U.S. Senator Blumenthal Sends Letters to Binance, Tether, and Trump Family Crypto Firms: Comply with Probe by Deadline or Subcommittee Will Seek Other Means
According to a statement on U.S. Senator Richard Blumenthal’s official website, as Ranking Member of the Senate… pic.twitter.com/LxlfKwy8IT
— Wu Blockchain (@WuBlockchain) November 9, 2026
The letters went to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC. Each company is already part of an existing inquiry. The letters renew requests for documents and information.
The letters warn of what could follow if the date is missed. They say the subcommittee would have “no choice but to consider alternative measures to obtain compliance.” The letters do not say what those measures would be.
Who Can Issue Subpoenas
The requests are voluntary. Blumenthal is the top Democrat on the Senate Permanent Subcommittee on Investigations. In that role, he cannot issue subpoenas on his own.
The panel’s rules give that power to its chair or to a member the chair names. Democrats’ control of Congress puts Blumenthal in line to become chair when the new Congress meets in January. His office now calls him the incoming chair.
In a Nov. 6 post, Blumenthal said he was sending a warning to all who have failed to cooperate. His office has not said whether he will use subpoenas. It also has not said which other options the panel has in mind.
What Each Inquiry Covers
Blumenthal opened his Binance inquiry in February. It looks at illicit crypto use and what his office calls administration self-dealing with crypto companies. Binance rejected the Iran sanctions evasion allegations in March and called them false.
A September staff report from the panel’s minority looked at Tether. It found that 84% of 846 Iran-linked wallets that were sanctioned or targeted for seizure used USDT almost exclusively. The report also said Tether makes up about 60% of the stablecoin market by value.
Tether responded on the day the report came out. It said it had supported about $550 million in freezes tied to Iran this year.
The inquiry into World Liberty Financial and Fight Fight Fight began in May 2025. It covers the Trump family’s crypto ventures, including the Official Trump meme coin. Fight Fight Fight manages that coin.
Blumenthal’s office points to reports that the firms may be helping officials get around ethics rules. It also cites reports that they took money from foreign governments. These are subjects of the inquiry and not proven findings of wrongdoing.
The Nxum Request
Blumenthal sent a separate letter to Tether and Nxum Group on Oct. 22. It seeks records on payments to Nxum, a consulting firm. Bo Hines, a former White House crypto adviser, co-founded it.
The letter cites Wall Street Journal reporting that Tether sent Nxum more than $6 million. It asks for contracts, communications and payment details. That includes crypto wallet addresses.
The response deadline for that request was Nov. 3. Blumenthal’s office has not said whether the companies replied. The Jan. 4 date is the next deadline for all four firms.
