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US Senator Gives Binance, Tether, Trump-Linked Firms January 4 Deadline
Sen. Richard Blumenthal gave Binance, Tether and two Trump-linked firms until January 4 to produce records for a Senate subcommittee probe. He warned the panel could weigh other enforcement options if they miss the date.
US Sen. Richard Blumenthal gave Binance, Tether and two Trump-linked firms until January 4 to hand over records for a Senate investigation. He warned that missing the date would push the subcommittee to consider other ways to enforce the request.
- Blumenthal set a January 4 deadline for Binance, Tether, World Liberty Financial and Fight Fight Fight LLC.
- A September staff report found 84% of 846 Iran-linked wallets that were sanctioned or targeted for seizure used USDT almost exclusively.
- Blumenthal is set to chair the panel when the new Congress convenes in January, which would give him subpoena power.
What the Senate subcommittee is asking for
Blumenthal is the top Democrat on the Permanent Subcommittee on Investigations (PSI), a Senate panel that investigates wrongdoing. He sent letters to four targets: Binance, Tether and two firms linked to the Trump family. Binance and Tether face questions about illicit use of crypto and the administration’s dealings with crypto firms.
Blumenthal opened his Binance inquiry in February. The New York Times and the Wall Street Journal had reported that Binance compliance staff found trades with Iranian government entities routed through two partner firms, and that some staff who investigated them were disciplined or dismissed. Binance called the reports false in March and said that, to its knowledge, no Binance account had dealt directly with an Iran-based entity. Blumenthal says Binance has still not handed over any of the records he asked for.
A minority staff report in September found that 84% of 846 Iran-linked wallets, either sanctioned or targeted for seizure, used Tether’s USDT almost exclusively. Tether is a stablecoin issuer, meaning it issues tokens designed to hold a steady value. USDT is the largest stablecoin by market value. Blumenthal also asked the Treasury and Justice Departments to investigate Tether for possible sanctions and banking law violations. Tether responded on the day the report was released. It cited about $550 million in Iran-linked freezes that it supported.
Tether’s records on Nxum and the Trump-linked firms
An October 22 letter asked Tether for records on Nxum, a consulting firm. Its co-founder, Bo Hines, formerly directed a White House crypto council. The letter cites Wall Street Journal reporting that Nxum earned $6.3 million from a Tether deal struck in May 2025, while Hines still worked at the White House and kept a one-third stake in the firm. Hines left the White House in August 2025 and now runs Tether’s US business. Nxum says Hines had no part in the deal while in government, and Tether says outside lawyers who looked into the claims found no wrongdoing.
A separate inquiry covers World Liberty Financial, a Trump family crypto venture, and Fight Fight Fight LLC. Fight Fight Fight manages the Official Trump (TRUMP) meme coin. The inquiry, which began in May 2025, also covers that coin.
Blumenthal points to reports that the firms may be helping officials sidestep ethics rules and accepting money from foreign governments.
World Liberty Financial’s lawyers have disputed his claims and say the company has no affiliation with Fight Fight Fight LLC.
Binance’s record with US authorities
Binance pleaded guilty in November 2023 to violating US anti-money laundering and sanctions laws and agreed to pay about $4.3 billion. Its founder, Changpeng Zhao, served four months in prison, and President Trump pardoned him in October 2025. Binance also has a business tie to World Liberty Financial. In 2025, Abu Dhabi investment firm MGX paid for a $2 billion stake in Binance using USD1, the stablecoin World Liberty Financial issues.
What the subcommittee could do next
Democrats won control of the Senate in the November 3 midterm elections, which puts Blumenthal in line to chair the PSI when the new Congress convenes on January 3. Chairs can issue subpoenas, which are legal orders to hand over documents.
Blumenthal asked the four firms to start handing over records by November 30. The January 4 deadline falls one day after the new Congress convenes. He has not said whether he will issue subpoenas. His letters say only that the subcommittee will consider “alternative measures to obtain compliance” if the firms miss the deadline.
