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Ahmed Barakat
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U.S. Senator Richard Blumenthal, following his investigation, has given Binance, Tether, and two Trump crypto companies until January 4, 2027, to produce records. The investigation is examining alleged illicit cryptocurrency flows and potential conflicts of interest involving the Trump administration.
The incoming chair of the Senate Permanent Subcommittee on Investigations sent letters to the four companies on November 5, and we learn today that Blumenthal warned that failing to provide the requested information could force the panel to consider alternative enforcement measures.
World Liberty Financial and Fight Fight Fight LLC, the company behind the TRUMP memecoin, face separate questions about foreign investments and potential conflicts of interest. Binance and Tether face scrutiny over alleged illicit financial activity, including Iran-linked cryptocurrency transactions.
Blumenthal Investigation Gives Crypto Firms Two Deadlines
The latest letters renew congressional pressure following months of investigations and previous requests for information. November 30 marks the initial document production deadline, while January 4, 2027, is the final deadline for voluntary compliance. Blumenthal, in his investigation, warned that the Senate could pursue alternative measures if the companies fail to cooperate.
For now, the letters do not announce subpoenas or formal enforcement actions. Instead, they establish a final window for the companies to provide records before the subcommittee considers further steps.
Blumenthal currently serves as the ranking member of the investigative panel. He is expected to become its chair when Democrats assume control of the Senate subcommittee. This transition could strengthen his ability to pursue compulsory document requests.
The Binance inquiry has already faced several rounds of correspondence. Blumenthal first requested information about the exchange’s compliance practices and potential Iran-linked transactions in February 2026.
He renewed those demands in April, questioning whether Binance had provided misleading information about its handling of suspicious transactions. The exchange has disputed allegations surrounding its compliance practices.
We previously covered the dispute here.
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Tether and Trump Crypto Ventures Face Separate Scrutiny
The Tether investigation gained momentum following a September 28 report from Democratic investigators on the Senate subcommittee. The report examined 846 cryptocurrency wallets sanctioned or targeted for seizure because of their alleged connections to Iran and regional proxy groups.
Investigators found that 84% of those wallets had transacted exclusively or almost exclusively in USDT. They described Tether’s stablecoin as a significant financial channel within Iran’s shadow banking network.
Tether has pushed back against the findings, arguing that its compliance teams proactively freeze suspicious wallets. CEO Paolo Ardoino also claimed the company froze Iran-linked addresses an average of four weeks before official sanctions designations.
Meanwhile, the Trump investigation focuses on his two crypto ventures, World Liberty Financial and Fight Fight Fight LLC. Blumenthal originally opened the inquiry in May 2025 following concerns about potential conflicts of interest involving Trump.
Investigators are examining foreign investments, financial relationships with overseas entities, and potential violations of government ethics requirements. Fight Fight Fight LLC operates the Official Trump memecoin, while World Liberty Financial is associated with the Trump family’s crypto business.
The senator also hosted a public forum in July 2026 examining the Trump family’s crypto companies. That proceeding included testimony from TRUMP investors who reported losing thousands of dollars.
The latest requests connect two major political and financial investigations. One examines potential sanctions-related crypto activity, while the other focuses on foreign money and presidential business interests.
The January deadline could become a significant test of congressional oversight. Blumenthal will soon lead the investigative panel as it pursues records from companies connected to some of the biggest names in crypto.
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