Jan. 4, 2027, Voluntary Deadline for Crypto Firms to Hand Over Records Sought by Blumenthal
Key Facts
The office of U.S. Senator Richard Blumenthal set a deadline of Jan. 4, 2027, in an announcement issued on Nov. 5, for entities that received letters from the Senate Permanent Subcommittee on Investigations to provide requested records and information. The office said failure to voluntarily provide the materials by then would leave the committee to consider "alternative measures to obtain compliance." The entities the office said received letters include World Liberty Financial, Fight Fight Fight LLC, Binance and Tether, as well as companies and individuals who donated to the White House ballroom project. The letters mark a procedural escalation in the committee’s investigations into crypto projects and the use of cryptocurrencies, seeking records to examine relevant interests and relationships. The office did not announce a finding of wrongdoing, but warned of possible steps if the requested materials are not provided.
The letter to World Liberty Financial sets an earlier date to begin handing over documents, asking the company to start producing responsive records by Nov. 30, 2026. It says additional records will be provided later under a schedule agreed in advance by committee staff and the company. The letter renews a request first made 18 months ago, covering potential interests and financial relationships with foreign individuals, foreign governments and other crypto companies. It also says the company has not provided records responsive to earlier requests. This earlier deadline does not set a uniform date for the other entities; its application to Fight Fight Fight LLC was not verified.
Tether’s letter places the company within a broader investigation into the illicit use of cryptocurrencies, crypto companies’ efforts to influence crypto policy and their anti-money-laundering practices. The letter says the minority members’ investigation has been ongoing for 18 months and that Tether has not provided records in response to requests. Blumenthal’s office describes Tether’s dollar-linked stablecoin as having become "an important financial resource" within Iran’s shadow banking network. That characterization appeared in a report issued by the senator, and the office presents it in the context of a separate investigation into the illicit use of cryptocurrencies. The request thus places scrutiny of the company’s practices within the broader inquiry, without determining its responsibility for any violation.
Blumenthal opened an investigation in May 2025 into the TRUMP coin and World Liberty Financial, according to his office. The office said the investigation followed reports that companies linked to President Donald Trump may have enabled violations of government ethics requirements, transactions with foreign individuals subject to prosecution, and investments from foreign governments. In July 2026, the senator held a public forum on crypto projects linked to the Trump family, and his office published testimony from TRUMP coin investors who said they lost thousands of dollars. In a letter published by the office in 2025, Blumenthal said the coin’s price reached $74.27 within two days of its launch, then fell to $7.42 by April 8, 2025. He presented those figures as part of the investigation, while questions about financial interests and relationships with foreign parties remain the subject of the current records request.
Blumenthal’s office described the senator as the incoming chairman of the Permanent Subcommittee on Investigations. CoinDesk reported that members of Congress will gain subpoena authority in January 2027. That places the voluntary deadline of Jan. 4 at the start of a new phase of congressional work, but the available information does not say the committee has issued subpoenas. In an interview with the Associated Press, Blumenthal said his committee would want to examine Trump’s crypto dealings with special envoy Steve Witkoff, a partner in World Liberty Financial, after Democrats win the midterm elections. The requested records remain the focus of the current step, while the committee may consider other measures if they are not voluntarily provided by the deadline.