Letters from Sen. Richard Blumenthal set production deadlines for four crypto companies and warn that failure to comply could prompt subpoenas under the panel’s rules.
Four cryptocurrency companies have been asked to turn over records to a Senate investigative panel examining alleged sanctions evasion, money laundering and other risks. Letters dated Nov. 5 from Sen. Richard Blumenthal set deadlines for production and warn that the panel could pursue subpoenas if the companies do not complete voluntary production.
The recipients are Binance, stablecoin issuer Tether, World Liberty Financial and Fight Fight Fight LLC, the company behind the $TRUMP memecoin. The firms are asked to confirm receipt by Nov. 9, begin producing records by Nov. 30 and complete voluntary production by Jan. 4, 2027, according to the letters and Cointelegraph’s Nov. 9 report.
The acknowledgment deadline is separate from the production schedule. Confirming receipt does not mean records have been delivered. The letters say failure to meet the final deadline could lead to “alternative measures,” including subpoenas under the panel’s current rules. That is a warning about possible enforcement, not evidence that a subpoena has been issued. The available material does not establish whether any company has confirmed receipt or begun producing documents.
The renewed Binance request concerns alleged sanctions evasion, criminal activity, money laundering and terrorist-support risks involving Tether and USD1, a stablecoin associated with World Liberty Financial. Blumenthal said Binance had not supplied records previously requested about transactions tied to Iranian entities and Russia’s shadow fleet, according to his letter and Cointelegraph’s account.
The material provided does not include Binance’s response or the underlying transaction records, so the allegations and status of the earlier request cannot be independently assessed here. A demand for records is not a finding that the transactions occurred as alleged or that a company broke the law.
The renewed Tether request concerns USDT use by sanctioned entities and Tether’s dealings with Nxum, co-founded by former White House crypto adviser Bo Hines. The request does not establish that Tether knowingly supported sanctioned activity. The supplied material also does not include the company’s complete response to the current letter or records detailing its dealings with Nxum.
Tether has disputed claims that USDT shelters sanctioned actors, saying it helped authorities freeze Iran-linked tokens. A figure attached to that claim in one account could not be verified against the cited material and is not included here. The company’s statement and the committee’s questions are not substitutes for the transaction and company records the letters seek.
The available source material provides less detail about the specific records sought from World Liberty Financial and Fight Fight Fight LLC. Their inclusion in the inquiry does not by itself establish wrongdoing by either company or by President Donald Trump. The supplied material identifies Fight Fight Fight LLC as the company behind the memecoin but does not further describe the requested production.
For now, the public record consists of the Nov. 5 demands and the deadlines reported four days later. The letters do not reveal what the requested records will show. Company responses, any committee action and documents ultimately produced will be necessary to assess the concerns raised; until then, the allegations remain allegations.
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