Binance, Tether and Trump-linked firms face a Jan. 4 deadline

By Marcus Bennett

Four crypto firms face a Jan. 4, 2027 records deadline. Senate investigators warn that missed compliance could trigger subpoenas. US Sen. Richard Blumenthal set that deadline in Thursday follow-up letters. He is the ranking Democrat and incoming chair of the Senate Permanent Subcommittee on Investigations.

The letters went to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC. Fight Fight Fight LLC launched President Donald Trump's TRUMP memecoin.

The letters ask the firms to begin voluntarily turning over records by Nov. 30. Blumenthal wrote that the subcommittee would consider “alternative measures to obtain compliance” if they miss the January deadline. Its current rules allow its chair to issue subpoenas for documents and records.

The Jan. 4 deadline falls one day after Democrats are due to take control of the Senate. Cointelegraph sought comment from all four companies before publication. None responded.

What does the Jan. 4 deadline change for the firms?

It turns a voluntary request into a dated compliance test. Across the requests, material spans ownership, sanctions-linked transactions and corporate counterparties. The four firms must now assemble, review and transmit records by Nov. 30.

The committee's subpoena authority gives Blumenthal a formal escalation path if the firms do not comply, shifting the dispute from voluntary disclosure toward a compelled records process.

The Trump-linked companies

Blumenthal opened a potential-conflicts inquiry into President Donald Trump's crypto ventures in May 2025. He sought records from World Liberty Financial and Fight Fight Fight LLC. The requests covered ownership, foreign investments and conflict-of-interest safeguards. Fight Fight Fight LLC launched the TRUMP memecoin.

World Liberty Financial's lawyers disputed his claims. They 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 for an Abu Dhabi investment firm to buy a 49% stake in World Liberty Financial. The senators tied the reported stake to their potential-conflict inquiry.

Binance's sanctions inquiry

Blumenthal's request to Binance concerns sanctions-linked transactions. They include transactions linked to Iranian entities and Russia's shadow fleet. In February, he asked for records tied to both areas. Binance called the underlying reports false in its March reply. Binance said: “To our knowledge, no Binance account had transacted directly with an Iran-based entity.”

In Thursday's letter, Blumenthal said Binance still had not produced any of the requested records, despite its March rejection of the underlying reports. The gap is evidentiary. Binance disputes the allegations. The panel says the requested records remain outstanding.

Tether's records request

Blumenthal's 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, Blumenthal released a report by the panel's Democratic staff. It alleged that USDT has become a key part of Iran's shadow banking network.

Tether disputed claims that USDT provides a haven for sanctioned actors. It said it helped authorities freeze nearly $550 million in Iran-linked tokens in 2026.

The freeze figure does not resolve the panel's document request. The committee still seeks records on sanctioned use and dealings with Nxum.

For the four companies, the immediate burden is document production. Each must assemble requested material on ownership, counterparties and sanctions compliance. Their responses to Blumenthal remain under scrutiny.

Nov. 30 is the first operational checkpoint. Jan. 4, 2027, is the compliance deadline. Voluntary cooperation could then give way to compulsory record-seeking under the panel's rules.