Senator Richard Blumenthal, a Democrat from Connecticut, is preparing to lead the Senate Permanent Subcommittee on Investigations (PSI) as Democrats assume the majority in January. Blumenthal has sent formal letters to four crypto-related entities—World Liberty Financial, Fight Fight Fight LLC, Binance, and Tether—requesting them to provide voluntary documents by January 4, 2027, which is one day after the new Congress convenes.
Congressional oversight targets crypto firms and $TRUMP memecoin
Democrats secured control of both legislative chambers in the November 3 midterms. The new Congress is expected to begin its session on January 3, in line with the 20th Amendment, unless otherwise scheduled. As chair of the PSI, Blumenthal will possess the authority to issue subpoenas for records and documents or delegate the authority as needed. Currently, as the subcommittee’s ranking member, Blumenthal is limited to receiving notice about such measures, but this will change when he assumes the chair.
The targeted entities comprise major players in the crypto sector. World Liberty Financial and Fight Fight Fight LLC, both linked to the $TRUMP meme coin, are included, along with Binance, one of the world’s largest cryptocurrency exchanges, and Tether, issuer of the leading USD-pegged stablecoin.
Mike Katz, a partner at the law firm Manatt, commented in an Unchained podcast that congressional attention is expected to intensify around crypto activities associated with the Trump family and products like the $TRUMP memecoin, as well as World Liberty Financial.
Mini dictionary: Senate Permanent Subcommittee on Investigations (PSI) – A powerful investigative body within the US Senate responsible for overseeing government operations and probing issues of national concern, including financial crimes and misconduct.
Document requests and deadlines outlined
The letters ask the recipient companies to begin producing records by November 30 and confirm receipt by November 9. If the four companies fail to cooperate by the initial January deadline, the PSI may pursue alternative measures to enforce compliance.
While the letters do not explicitly mention subpoenas, they state that failure to comply voluntarily could force the subcommittee to consider more formal investigatory actions. Blumenthal also used social media to emphasize that the targets of his probe should be “on high alert,” underscoring the seriousness of the investigation.
Each letter opens with an assertion that the PSI minority has conducted an inquiry for 18 months, but the targeted companies have yet to provide responsive documentation.
Details on the Binance, Tether, and $TRUMP memecoin requests
Specifically, Binance received a letter addressed to CEO Richard Teng, repeating requests initially made on February 24 and April 1, 2026. The subcommittee seeks information regarding alleged Iran-linked money laundering via Binance’s partners, Hexa Whale and Blessed Trust, and possible retaliatory actions against compliance staff. Binance previously denied these allegations, although the subcommittee remains skeptical about the exchange’s responses.
Tether’s CEO Paolo Ardoino and Tether US CEO Bo Hines also received renewed requests for details about potentially illicit use of Tether tied to Iran and Russia. Additional queries involve payments to the consulting firm Nxum, which Hines co-founded.
Letters sent to World Liberty’s co-founder Zach Witkoff and Fight Fight Fight’s Bill Zanker seek transparency regarding company ownership, foreign investments, and conflict-of-interest protocols, following up on earlier inquiries from May 2025.
Mini dictionary: $TRUMP memecoin – A digital token created as a satirical or parody asset, often referencing political figures or themes, in this case associated with the Trump family. Memecoins commonly achieve popularity through online communities and viral marketing.
Other inquiries and broader context
The subcommittee’s activity extends beyond the crypto sector. The November 5 release also includes letters to Department of Homeland Security Secretary Markwayne Mullin, various technology firms, donors associated with the ballroom addition to the White House, and Federal Communications Commission Chair Brendan Carr.
Blumenthal’s campaign for documents centers on allegations involving crypto sector compliance, international money movement, and the intersection between digital assets and US political interests.
