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Senator Richard Blumenthal has given Binance, Tether, World Liberty Financial and Fight Fight Fight LLC until January 4, 2027, to hand over documents, one day after the new Congress convenes and he is expected to take over the Senate subcommittee that can subpoena them.
The timing of Blumenthal’s warning is particularly significant because his authority within the investigative panel is expected to change when the new Congress convenes.
Currently serving as the ranking Democratic member of the Senate Permanent Subcommittee on Investigations, Blumenthal does not independently possess the committee’s subpoena authority. Consequently, his current requests depend on voluntary cooperation from the companies receiving them.
Under the panel’s rules, subpoena authority rests with its chair or a member authorized by the chair. However, Democrats’ victories in the November midterm elections have positioned Blumenthal to become the subcommittee’s next chairman.
The new Congress is scheduled to begin on January 3, 2027, just one day before the January 4 document deadline.
That sequence could significantly change the situation. Rather than relying exclusively on voluntary requests, the incoming chairman could have greater institutional authority to pursue records from organizations that continue to resist congressional inquiries.
In his November 5 announcement, Blumenthal made the consequences of continued noncooperation clear.
He warned that failure to provide the requested information by January 4 would leave the subcommittee with no choice but to consider alternative measures to secure compliance.
The warning does not mean subpoenas have already been issued or that any of the companies have been found guilty of wrongdoing. Instead, it signals that the incoming Democratic leadership intends to pursue outstanding investigations with potentially stronger congressional tools.
Among the four companies, Binance and Tether face questions involving alleged financial activity connected to Iran and a consulting firm associated with a former White House cryptocurrency adviser.
The Binance inquiry focuses on allegations that approximately $1.7 billion in cryptocurrency transfers reached Iranian-linked entities through transactions associated with the exchange.
Blumenthal previously raised concerns about Binance’s anti-money laundering controls and its handling of potentially illicit transactions. In February 2026, he opened an inquiry following media reports alleging that the platform had facilitated transfers involving Iranian-linked organizations and entities connected to Russia’s shadow oil trade.
The senator subsequently pressed U.S. authorities and Binance for information about the exchange’s compliance with existing sanctions and anti-money laundering obligations.
Binance has disputed aspects of the allegations, arguing that media reports cited in congressional correspondence contained inaccurate and unsupported claims about its compliance operations. The allegations therefore remain subject to investigation rather than established findings of liability.
Tether’s investigation involves a separate set of questions surrounding payments to Nxum, a consulting firm co-founded by Bo Hines, who previously served as executive director of the White House Council of Advisers on Digital Assets.
According to reporting by The Wall Street Journal, Tether paid approximately $6.3 million to Nxum under a consulting arrangement that began in May 2025. Hines reportedly retained a one-third ownership stake in the firm while serving in the White House.
The reporting also raised questions about Hines’ involvement in discussions surrounding the GENIUS Act, particularly proposals to extend the compliance period for stablecoin issuers from 18 months to 36 months.
Blumenthal subsequently requested records relating to the payments, communications and lobbying activities involving Tether, Nxum and Hines.
Nxum has denied that Hines participated in its Tether-related work while serving in government. The investigation has not established that the reported arrangement constituted a legal or ethical violation.
World Liberty Financial and Fight Fight Fight LLC have been under congressional scrutiny since May 2025, when Blumenthal opened an inquiry into the Trump family’s cryptocurrency ventures.
The investigation examines potential ethics and legal concerns surrounding the businesses, including foreign investment, financial relationships and whether cryptocurrency activities could create conflicts of interest involving the presidency.
World Liberty Financial operates in the digital asset sector, while Fight Fight Fight LLC is associated with the $TRUMP memecoin. Their connections to the president have placed both businesses under increased political and regulatory scrutiny.
Blumenthal’s inquiry forms part of a wider Democratic effort to examine the financial interests surrounding Trump’s cryptocurrency ventures and determine whether foreign investors or other parties could gain political influence through those relationships.
The White House has also signaled resistance to the incoming Democratic majority’s investigative agenda. President Trump has indicated that he intends to challenge congressional investigations targeting his administration. CNN previously reported that he directed the Justice Department to look into Democrats pursuing investigations against his government.
For the companies involved, the immediate deadlines are now central to the unfolding dispute. World Liberty Financial and Fight Fight Fight LLC face the November 30 production deadline, while all four cryptocurrency businesses must respond by January 4, 2027.
The next stage of Senate Investigations will therefore depend on whether the companies cooperate voluntarily and how Blumenthal uses his anticipated leadership position once the new Congress begins.
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