US Senate Demands Records From Binance, Tether, Trump Firms

U.S. Senator Richard Blumenthal, the ranking Democrat and incoming chair of the Senate Permanent Subcommittee on Investigations, sent follow-up letters requesting records from four major cryptocurrency entities by Nov. 30, setting a final compliance deadline of Jan. 4.

The letters were addressed to Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC, the firm behind Donald Trump’s TRUMP memecoin, according to bloomingbit. Blumenthal warned that if the companies fail to submit the requested documentation by January, the subcommittee will consider alternative enforcement measures, including issuing subpoenas under panel rules.

Scrutiny Over Foreign Deals and Sanctions

The Senate inquiries cover multiple probes into digital asset governance and international compliance. In May 2025, Blumenthal opened an inquiry into potential conflicts of interest surrounding Trump-affiliated crypto ventures, seeking records on ownership, foreign investments, and internal safeguards. Lawyers for World Liberty Financial disputed the claims and asserted that the company holds no corporate affiliation with Fight Fight Fight LLC.

In June 2026, Blumenthal and four Senate Democrats called for hearings regarding a reported $500 million deal by an Abu Dhabi investment firm to acquire a 49% stake in World Liberty Financial.

Requests to Binance and Tether

In February, Blumenthal requested records from Binance regarding transactions linked to Iranian entities and Russia’s shadow fleet. Binance denied the underlying reports in March, stating no Binance account had directly transacted with Iran-based entities to its knowledge. Blumenthal’s latest letter noted that Binance has not yet turned over the requested records.

Blumenthal’s letter to Tether renewed demands for records on the use of USDT by sanctioned entities and dealings with consulting firm Nxum. A September report from Democratic staff alleged USDT was used in Iran's shadow banking network. Tether disputed the findings, stating it assisted law enforcement in freezing nearly $550 million in Iran-linked tokens in 2026.

Key facts

• Senator Richard Blumenthal requested records from Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC.
• Companies were asked to start sending records by Nov. 30 ahead of a Jan. 4 final deadline.
• Non-compliance could trigger subpoenas from the Senate Permanent Subcommittee on Investigations.
• Investigations focus on foreign investment deals, potential conflicts of interest, and international sanctions compliance.