Blumenthal Investigation Targets Binance, Tether and Trump Crypto Firms as Senate Sets January Deadline

Brief

By Dextape Desk · November 9, 2026

Senator Richard Blumenthal has told Binance, Tether and two companies tied to Trump to produce records by January 4, 2027. Letters sent November 5 also set November 30 as an initial deadline. Blumenthal, the panel's ranking member and expected chair once Democrats take control, warned that other enforcement steps are possible if cooperation falls short. No subpoenas have been announced. Binance faces questions about its compliance practices and possible Iran-linked transactions, first raised in February 2026 and renewed in April, and the exchange disputes the allegations. A September 28 Democratic staff report on Tether examined 846 wallets tied to Iran and proxy groups, finding 84% transacted almost only in USDT; Tether says it proactively freezes suspicious wallets. The Trump-related inquiry, opened in May 2025, examines foreign investments and possible conflicts involving World Liberty Financial and Fight Fight Fight LLC, operator of the TRUMP memecoin.

Why it matters: The probe pairs sanctions-related stablecoin scrutiny with questions about foreign money and presidential business ties, and a January deadline could test congressional oversight of crypto firms.

Mentioned: Tether, Binance

Summary by Dextape, based on reporting by Cryptonews. Machine-written from Cryptonews’ report and checked against it · How Dextape writes