The Senate Permanent Subcommittee on Investigations, led by Democrat Sen. Richard Blumenthal, has given Binance, stablecoin issuer Tether and two Trump‑affiliated crypto entities until Jan. 4 to turn over records for a widening congressional probe. Blumenthal warned that missing the deadline would force the subcommittee to consider subpoenas or other enforcement tools, a move that could set a precedent for how a Democratic‑controlled Senate handles the crypto sector’s biggest players.

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Update, Nov 10, 23:06 UTC: According to Unchained, Blumenthal’s November 5 letters set an initial production deadline of Nov. 30 and require firms to confirm receipt by Nov. 9, with the final Jan. 4, 2027 deadline falling a day after Democrats assume Senate control. The letters, which do not use the word “subpoena,” warn that missing the January date will leave the subcommittee to consider “alternative measures” to obtain compliance (Unchained). Cointelegraph notes that the incoming chair can issue subpoenas under the panel’s rules, and the letters also renew requests for Binance on Iran‑linked transactions and for Tether on USDT use by sanctioned entities and payments to consulting firm Nxum (Cointelegraph).

Scope of the Investigation

According to BeInCrypto, the subcommittee’s inquiry, which began with a February‑year‑old investigation into Binance, now targets alleged illicit activity and possible sanctions evasion. A September staff report found that 84% of 846 Iran‑linked wallets under sanction used USDT, Tether’s stablecoin, almost exclusively. Tether later cited roughly $550 million in Iran‑related freezes it supported during the year.

Trump‑Linked Crypto Ventures Under Scrutiny

The probe also includes World Liberty Financial, a Trump family crypto venture, and Fight Fight Fight LLC, which manages the Official Trump (TRUMP) meme coin. The Senate’s interest stems from reports that these firms may have helped officials sidestep ethics rules and accepted money from foreign governments, according to the same source.

Potential Enforcement Paths

Blumenthal, who will chair the subcommittee when the new Congress convenes in January, has the authority to issue subpoenas and legal orders for document production. While the subcommittee’s release does not confirm whether it will use those powers, the Jan. 4 deadline is intended to test the willingness of the targeted firms to cooperate before more coercive steps are taken.