The key facts

  • The Senate subcommittee (PSI) demands documents from Binance, Tether, World Liberty Financial and Fight Fight Fight LLC by January 4, 2027
  • Binance and Tether are being examined for sanctions evasion, including reports of USDT being used in Iran's shadow banking system
  • According to the senators' investigation, Trump received more than $1.4 billion in income from crypto projects linked to him

US Senate demands documents on Trump's crypto projects

The US Senate Permanent Subcommittee on Investigations (PSI) has opened a probe into possible financial misconduct and conflicts of interest in crypto projects linked to President Donald Trump. Richard Blumenthal, the Democrat chairing the subcommittee, sent requests to the Binance exchange, Tether — the issuer of the largest stablecoin, USDT — and representatives of crypto projects tied to Trump, demanding they provide documents by January 4, 2027. If the demand is not met, the senators warned of coercive measures, Kun.uz reports.

Who and what is being investigated

Among the recipients of the requests are World Liberty Financial (WLFI) and Fight Fight Fight LLC, companies connected to the president's family. As noted in the subcommittee's letter, Blumenthal began examining their activities back in May 2025, after reports that these entities may have conducted financial transactions with foreigners under federal criminal prosecution, attracted investments from foreign governments, and violated government ethics requirements.

Binance, Tether and Iranian transactions

Binance and Tether are being scrutinized for sanctions evasion and dealings with the Trump administration. In September 2026, the subcommittee's Democrats published a report on the use of USDT in Iran's shadow banking system; questions for Binance also arose after reports of transactions with that country totaling more than $1.7 billion. In addition, lawmakers suspect a conflict of interest in the exchange's partnership with WLFI. Earlier, a group of senators had already demanded an investigation into Trump's pardon of Binance founder Changpeng Zhao.

Context and scope of the investigation

In July 2026, Blumenthal held public hearings devoted to the Trump family's crypto business: among other things, they discussed investor losses on the TRUMP memecoin; according to the senator, the president himself earned more than $1.4 billion in income from crypto projects linked to him. The investigation is not limited to the crypto sphere: official warnings have also been sent to Homeland Security Secretary Kristi Noem (in the original — Markwayne Mullin), Federal Communications Commission Chairman Brendan Carr, and technology companies involved in financing the construction of the White House ballroom. The probes cover possible abuse of authority by immigration agencies, pressure on the press, and the granting of government privileges in exchange for donations.