Reporting · policy
Blumenthal sets January 4 deadline for Binance and Tether records
Blumenthal, the Democratic minority leader, sets a January 4 deadline for Binance, Tether and two Trump-linked firms to hand over records.
Quick take
- Blumenthal has set a January 4 deadline for Binance, Tether and two Trump-linked firms to produce records.
- The probe draws on a September minority staff report, which found USDT was used almost exclusively by 84% of 846 wallets.
- Missing the deadline could prompt the PSI to weigh other enforcement options, while Binance calls the allegations false.
BeInCrypto reported that Blumenthal, the Democratic minority leader, has set a January 4 deadline for records from Binance, Tether and two firms linked to Trump. He is expected to become chair in January, and the PSI may weigh other enforcement options if the deadline is missed.
The push follows a September minority staff report on wallets tied to Iran, which found USDT was used almost exclusively by 84% of 846 wallets. Tether holds about 60% of stablecoin market value, and the company cites about $550 million in Iran-linked freezes.
An October 22 letter asks Tether for its records on Nxum, a company whose co-founder, Bo Hines, formerly led the White House crypto council. According to the Wall Street Journal, Nxum received over $6 million from Tether. A separate inquiry covers World Liberty Financial and Fight Fight Fight LLC. Binance says the Iran sanctions evasion allegations are false.
Subpoenas are possible once Blumenthal serves as chair, according to the reporting. The account does not confirm how the wallets used USDT.
Sources
Machine-written from the publishers’ reports and checked against them · How Dextape writes
Reporting
Pi Network schedules three-day ecosystem summit for November 17-19
November 7, 2026 · 1 min read
Reporting
Binance hot wallet theft estimated at $6.3 billion, analysts link it to North Korea
October 30, 2026 · 2 min read
Reporting