Key Takeaways
- • Senator Richard Blumenthal, incoming chair of the Senate Permanent Subcommittee on Investigations, sent follow-up letters on Nov. 5, 2026 to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, requesting records by Nov. 30 and voluntary submissions by Jan. 4, 2027.
- • The Department of Labor submitted its final-rule package on 401(k) investment selection to the White House for review on Nov. 5; the rule sets six assessment factors and does not require plans to offer Bitcoin, Ethereum or other digital assets.
- • The OCC confirmed Coinbase National Trust Company's federal trust charter took effect on Nov. 6, 2026, following conditional approval in April; the charter covers trust and digital asset custody services but not retail deposits or commercial lending.
- • The Independent Community Bankers of America has sued the OCC, arguing the regulator exceeds its authority in granting national trust charters to crypto companies.
Summary
US crypto oversight advanced on three separate fronts in early November 2026, involving different government bodies and distinct regulatory processes. Senator Richard Blumenthal renewed requests for company documents from four firms. His letters, dated Nov. 5, asked Binance, Tether, World Liberty Financial and Fight Fight Fight LLC to begin providing records by Nov. 30 and to complete voluntary submissions by Jan. 4, 2027. Blumenthal warned that non-compliance could lead the subcommittee to consider "alternative measures to obtain compliance," including subpoenas. The letters request voluntary cooperation and do not establish that any company broke the law.
The inquiries span sanctions compliance and Trump-linked crypto businesses. The Binance inquiry concerns reported transactions involving Iranian entities and Russia's shadow fleet; Binance rejected the underlying allegations in March and said it knew of no direct transactions between its accounts and an Iran-based entity. Blumenthal's questions to Tether address sanctioned users of USDT and its dealings with consulting firm Nxum, and Tether has disputed claims that its stablecoin shelters sanctioned activity. Questions to World Liberty Financial and Fight Fight Fight LLC concern ownership, foreign investments and possible conflicts involving Trump's crypto ventures. World Liberty Financial previously denied affiliation with Fight Fight Fight.
Separately, the Department of Labor submitted its final-rule package governing how managers select investments for employer-sponsored 401(k) plans, including funds that may contain cryptocurrencies, to the White House on Nov. 5. Federal records list the measure as pending with no set review deadline. The department's March proposal sets six factors for assessing investments: expected performance, fees, liquidity, valuation, benchmarks and complexity. It does not require any plan to offer Bitcoin, Ethereum or other digital assets, and plan fiduciaries would still determine which products meet their duties to savers.
In banking regulation, the OCC's public application record shows Coinbase National Trust Company's federal charter became effective on Nov. 6, after conditional approval in April and completion of pre-opening requirements. Coinbase filed the application in October 2025. The charter covers trust services, including digital asset custody, but does not authorize ordinary retail deposits or commercial lending. Coinbase Vice Chairman Ryan VanGrack said the firm had spent years seeking "clear rules and rigorous oversight." The Independent Community Bankers of America has sued the OCC, arguing that the regulator exceeds its authority in granting national trust charters to crypto companies.
The inquiries span sanctions compliance and Trump-linked crypto businesses. The Binance inquiry concerns reported transactions involving Iranian entities and Russia's shadow fleet; Binance rejected the underlying allegations in March and said it knew of no direct transactions between its accounts and an Iran-based entity. Blumenthal's questions to Tether address sanctioned users of USDT and its dealings with consulting firm Nxum, and Tether has disputed claims that its stablecoin shelters sanctioned activity. Questions to World Liberty Financial and Fight Fight Fight LLC concern ownership, foreign investments and possible conflicts involving Trump's crypto ventures. World Liberty Financial previously denied affiliation with Fight Fight Fight.
Separately, the Department of Labor submitted its final-rule package governing how managers select investments for employer-sponsored 401(k) plans, including funds that may contain cryptocurrencies, to the White House on Nov. 5. Federal records list the measure as pending with no set review deadline. The department's March proposal sets six factors for assessing investments: expected performance, fees, liquidity, valuation, benchmarks and complexity. It does not require any plan to offer Bitcoin, Ethereum or other digital assets, and plan fiduciaries would still determine which products meet their duties to savers.
In banking regulation, the OCC's public application record shows Coinbase National Trust Company's federal charter became effective on Nov. 6, after conditional approval in April and completion of pre-opening requirements. Coinbase filed the application in October 2025. The charter covers trust services, including digital asset custody, but does not authorize ordinary retail deposits or commercial lending. Coinbase Vice Chairman Ryan VanGrack said the firm had spent years seeking "clear rules and rigorous oversight." The Independent Community Bankers of America has sued the OCC, arguing that the regulator exceeds its authority in granting national trust charters to crypto companies.
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