U.S. Senator Richard Blumenthal has warned Binance, Tether, World Liberty Financial and Fight Fight Fight LLC that they have until January 4, 2027, to hand over records sought in his crypto investigations, cautioning that continued noncooperation could trigger further action.

In letters sent on November 5, Blumenthal stated that none of the four crypto companies had furnished any documents over the past 18 months. World Liberty and Fight Fight Fight, the companies tied to President Trump, were told to begin producing records by November 30, 2026. The requests remain voluntary for now, but Blumenthal wrote that if the January deadline were to pass, the subcommittee would have “no choice but to consider alternative measures to obtain compliance.”

Deadline Falls a Day After the New Congress Is Seated

As the ranking Democrat on the Senate Permanent Subcommittee on Investigations, Blumenthal currently lacks the authority to issue subpoenas. Under the panel’s rules, subpoena power rests with the chair, meaning he can request documents but cannot compel companies to turn them over. The panel, part of the Senate Homeland Security and Governmental Affairs Committee, has a long record of high-profile probes that typically end in public staff reports.

That is set to change in January, when Democrats are due to take control of the Senate following the midterms, with Blumenthal poised to become the subcommittee’s next chair. The new Congress begins on January 3—one day before his deadline expires—giving his warning about “alternative measures” a potentially concrete enforcement timeline. A chairman’s subpoenas, unlike the current voluntary letters, can be enforced through the federal courts once the Senate authorizes civil action.

Blumenthal publicly aired the warning in a post on X on November 6:

Targets of my investigations—immigration abuses, Big Tech, crypto corruption, & more—should be on high alert. As incoming chair of the Permanent Subcommittee on Investigations, I’m sending a warning to all who’ve failed to cooperate.

— Richard Blumenthal (@SenBlumenthal) November 6, 2026

https://x.com/SenBlumenthal/status/2118753833836855733?ref_src=twsrc%5Etfw

The crypto companies were not the only recipients of the letters. According to CNN, the letters also went to Homeland Security Secretary Markwayne Mullin, FCC Chair Brendan Carr, and donors to Trump’s White House ballroom project, including Amazon and Apple.

Binance and Tether Face Questions Over Iran and a Former White House Adviser

The two firms anchor much of crypto’s core infrastructure: Binance is the world’s largest crypto exchange by trading volume, while Tether issues USDT, the largest dollar-pegged stablecoin by circulation.

The Binance probe centers on the exchange’s alleged role in $1.7 billion of transfers to Iran. Blumenthal escalated that inquiry earlier this year, and his staff later released a report on USDT’s alleged use in Iranian financial networks.

Tether’s case runs closer to the White House. The Wall Street Journal reported in October that Tether paid roughly $6.3 million to Nxum, a consulting firm co-founded by Bo Hines. The first payment arrived in May 2025, while Hines was still serving as executive director of the President’s Council of Advisers on Digital Assets, and he held a one-third stake in the firm throughout. According to the Journal, Hines also lobbied to stretch the GENIUS Act compliance window for stablecoin issuers from 18 months to 36 months. The GENIUS Act, signed in July 2025, is the first federal framework for payment stablecoins. He now runs Tether US. Nxum has denied that Hines had any involvement in its Tether work while he was in government.

Trump Crypto Probe Has Been Open Since May 2025

World Liberty Financial and Fight Fight Fight have been under Blumenthal’s scrutiny the longest. He opened that inquiry in May 2025 over possible ethics and legal violations tied to the Trump family’s crypto businesses, including the role of foreign investors. It forms part of a broader Democratic push to investigate the TRUMP coin—a memecoin that debuted days before Trump’s January 2025 inauguration—that, until now, had no way to force answers.

The White House has not stayed on the sidelines. Trump has signaled he is ready to fight the incoming Democratic majority, and CNN reported that he ordered the Justice Department to “look into” Democrats pursuing investigations against his administration.

The first checkpoint is November 30. If World Liberty and Fight Fight Fight produce nothing by then, attention will shift to January 4—and to what Blumenthal does once he holds the gavel.