Blumenthal Demands Records from Binance, Tether and Trump Crypto Firms by January 4

Sen. Richard Blumenthal has set a January 4 deadline for Binance, Tether and two companies tied to Donald Trump to supply documents for a Senate investigation. He cautioned that failure to comply would push the Permanent Subcommittee on Investigations (PSI) to consider other enforcement measures.

Blumenthal currently leads the panel's Democratic minority but is scheduled to become its chair when the new Congress begins in January. The probe's September staff report noted that Tether (USDT) makes up roughly 60% of the stablecoin market by value.

What Is Each Target of the Senate Probe Being Asked?

Binance and Tether are being questioned over illicit cryptocurrency use and how the administration has dealt with crypto firms. Blumenthal launched his investigation into Binance in February. In March, Binance denied the accusations of evading Iran sanctions, calling them untrue.

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

A September report from the minority staff found that 84% of 846 Iran-linked wallets that were sanctioned or targeted for seizure used USDT almost exclusively. Tether responded on the same day the report came out, citing about $550 million in Iran-linked freezes it had supported this year.

A letter dated October 22 requested Tether’s records on Nxum, a consulting firm. Its co-founder, Bo Hines, previously led a White House crypto council. The letter also references reporting from the Wall Street Journal that Tether sent more than $6 million to Nxum.

Meanwhile, World Liberty Financial, a Trump family crypto project, and Fight Fight Fight LLC are the subjects of a separate investigation. Fight Fight Fight oversees the Official Trump (TRUMP) meme coin, which was also covered by the May 2025 inquiry.

Blumenthal cited reports that the firms might be helping officials bypass ethics rules and accepting money from foreign governments.

Can the Subcommittee Compel Compliance?

Democratic control of Congress positions Blumenthal to become the panel's chair. Chairs have the authority to issue subpoenas, which are legal orders requiring document production.

Yet the release does not indicate whether he will do so or specify what other options the PSI is considering.

As a result, January 4 could reveal how a Democratic-led committee handles the largest stablecoin issuer and ventures connected to Trump.