US Senator Richard Blumenthal has given Binance, Tether and two crypto firms tied to President Donald Trump until Jan. 4, 2027, to voluntarily turn over records sought in Senate inquiries, warning that failure to meet the deadline could prompt further action.

The demands are part of ongoing congressional probes into the industry's sanctions exposure and the president's digital-asset ventures.

Blumenthal, the ranking Democrat and incoming chair of the Senate Permanent Subcommittee on Investigations, sent follow-up letters on Thursday to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, the company that launched President Trump's TRUMP memecoin. The letters asked the four companies to begin producing records by Nov. 30.

The Jan. 4 deadline falls one day after Democrats are due to take control of the Senate. In the letters, Blumenthal wrote that the subcommittee would consider "alternative measures to obtain compliance" if the companies miss the January deadline. Under the panel's current rules, its chair may issue subpoenas for documents and records.

Cointelegraph sought comment from Binance, Tether, World Liberty Financial and Fight Fight Fight LLC but did not receive responses before publication.

Inquiries span sanctions and Trump's crypto ties

Blumenthal opened an inquiry into potential conflicts of interest involving Trump's crypto ventures in May 2025, seeking records from the firms on ownership, foreign investments and safeguards against conflicts of interest. Lawyers for World Liberty Financial disputed his claims and said the company had no affiliation with Fight Fight Fight LLC.

In June 2026, Blumenthal and four other Senate Democrats called for hearings into a reported $500 million deal under which an Abu Dhabi investment firm would buy a 49% stake in World Liberty Financial.

In February 2026, Blumenthal asked Binance for records on transactions linked to Iranian entities and Russia's shadow fleet. Binance called the underlying reports false in its March reply, saying that, to its knowledge, no Binance account had transacted directly with an Iran-based entity. In Thursday's letter, Blumenthal said the exchange still had not turned over any of the requested records.

His letter to Tether renewed requests for records on the use of USDT by sanctioned entities and on Tether's dealings with Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines.

In September 2026, Blumenthal released a report by the subcommittee's Democratic staff alleging that USDT has become a key part of Iran's shadow banking network. Tether disputed claims that USDT provides a haven for sanctioned actors, saying it helped authorities freeze nearly $550 million in Iran-linked tokens in 2026.