Binance, Tether and Trump-linked crypto firms face congressional scrutiny
U.S. Senator Richard Blumenthal has demanded that Binance, Tether and cryptocurrency companies linked to Donald Trump's family provide documents as part of congressional investigations. The organizations have until January 4, 2027, to comply, after which a Senate subcommittee may take additional steps to obtain the information.
Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations (PSI), sent letters to company executives. With Democrats gaining control of Congress, he is expected to become chairman of the subcommittee in January.
The investigations concern the alleged illicit use of cryptocurrencies, the industry's ties to the U.S. administration and potential conflicts of interest involving the president's family businesses. No final conclusions have been reached in these cases.
Allegations involving Binance and Tether
Blumenthal launched his investigation into Binance in February. The senator is examining potential sanctions violations and the cryptocurrency exchange's interactions with members of the Trump administration.
In March, the platform rejected allegations that it had facilitated the evasion of sanctions against Iran, calling them false.
A September report by Democratic subcommittee staff stated that 84% of the 846 Iran-linked cryptocurrency wallets subject to sanctions or seizure used USDT almost exclusively.
In response, Tether said it had helped freeze approximately $550 million in Iran-linked assets since the beginning of the year.
Senators are also examining the stablecoin issuer's relationship with consulting firm Nxum. One of its co-founders, Bo Hines, previously headed the White House's cryptocurrency council. According to The Wall Street Journal reports cited in the letter, Tether paid Nxum more than $6 million.
Trump's family crypto businesses also under investigation
Separate requests were sent to World Liberty Financial and Fight Fight Fight LLC. The latter manages the Official Trump (TRUMP) memecoin, which is part of an investigation launched in May 2025.
Blumenthal is examining reports of potential efforts to circumvent ethics restrictions and receive funds from foreign governments. However, the subcommittee has not established any violations by the companies.
Once he becomes chairman, the senator will be able to exercise expanded powers, including issuing subpoenas for documents. However, specific measures in the event that companies refuse to cooperate have not yet been announced.
Amid the investigation, the financial position of Trump-linked companies is also attracting investor attention. According to the latest estimates, outside shareholders of Trump Media & Technology Group have suffered losses exceeding $2.2 billion, while the president's own stake was worth approximately $460 million at Thursday's close.
Earlier, we reported that Donald Trump announced an investigation into the possible involvement of North Korean hackers in the $6.3 billion Binance hack. U.S. authorities are examining the circumstances of the attack and the movement of stolen digital assets.
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