U.S. Sen. Richard Blumenthal has asked Binance, Tether and two crypto companies tied to the Trump family to begin submitting records by Nov. 30 as part of ongoing Senate inquiries. The companies have until Jan. 4, 2027, to turn over the records voluntarily. The deadline falls one day after Democrats are set to take control of the U.S. Senate.
The two Trump-linked companies that received Blumenthal’s Nov. 5 letters are World Liberty Financial, the Trump family’s crypto venture, and Fight Fight Fight LLC, which launched the TRUMP memecoin. Blumenthal is seeking records from Binance and Tether on transactions linked to individuals and organizations under sanctions. He asked the Trump-linked firms for information about foreign investors and potential conflicts of interest.
Blumenthal asks Binance to confirm receipt by Nov. 9
In his letter to Binance CEO Richard Teng, Blumenthal asked the exchange to confirm receipt with subcommittee staff by Nov. 9. He asked Binance to send the first batch of records by Nov. 30 and agree on a schedule with staff for submitting the rest.
The dispute dates back to February, when Blumenthal requested records on transactions linked to Iranian entities and the shadow fleet Russia uses to transport oil. In its March reply, Binance disputed the reports behind the request and said that, to its knowledge, no Binance account had transacted directly with an entity based in Iran. In his November letter, Blumenthal said the exchange had responded to his earlier correspondence but had yet to provide any of the records he requested.
Tether inquiry covers USDT transfers and consulting payments
Some of Blumenthal’s questions for Tether concern the role of its dollar-pegged stablecoin, USDT, in transfers linked to Iran. A September report prepared for Democrats on the subcommittee alleged that USDT played a significant role in networks that move money outside Iran’s formal banking system. Tether said on Sept. 28 that it had helped authorities freeze nearly $550 million in Iran-linked USDT that year.
Blumenthal is also examining Tether’s dealings with Nxum Group, a consulting firm co-founded by former White House crypto adviser Bo Hines. On Oct. 22, he requested records from both companies following reports that Tether paid Nxum more than $6 million while Hines was working on stablecoin legislation at the White House.
The request covers consulting contracts, payment records and correspondence about lobbying. Tether said outside counsel had reviewed the matter and found no evidence of wrongdoing.
Senate inquiry examines foreign investment in Trump-linked firms
The inquiry into World Liberty Financial and Fight Fight Fight began in May 2025. Blumenthal asked who owned the two companies, what stakes foreign investors held and what safeguards the firms had in place to address potential conflicts of interest. Lawyers for World Liberty Financial disputed the senator’s claims and said the company had no corporate ties to Fight Fight Fight, the firm behind the TRUMP token.
One focus of the World Liberty Financial inquiry is an Abu Dhabi investment firm. In June, Blumenthal and four other Democratic senators called for a Senate hearing following reports that the firm had agreed to pay $500 million for a 49% stake in World Liberty Financial.
The Jan. 4 deadline carries added weight because Blumenthal is expected to chair the Senate Permanent Subcommittee on Investigations. As its ranking Democrat, he currently has no independent authority to subpoena records. Under the panel’s current rules, the chair or a member designated by the chair can issue a subpoena.
Blumenthal said the subcommittee would consider other ways to obtain the records if the companies fail to turn them over voluntarily.
