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US crypto oversight moved along three fronts in November, with a Senate records deadline, a retirement investment rule under White House review, and a federal trust charter for Coinbase. The developments involve different government bodies and separate regulatory processes.
Senator Richard Blumenthal renewed requests for company documents. Meanwhile, the Department of Labor advanced its 401(k) investment framework, while the Office of the Comptroller of the Currency (OCC) confirmed Coinbase's national trust charter had taken effect.
On Nov. 5, Blumenthal sent follow-up letters to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC. He asked the firms to begin providing records by Nov. 30 and complete voluntary submissions by Jan. 4, 2027. Blumenthal is the incoming chair of the Senate Permanent Subcommittee on Investigations. The letters follow previous requests tied to sanctions compliance and Trump's crypto businesses.
The senator warned that failure to provide the documents could lead the panel to consider “alternative measures to obtain compliance.” The subcommittee's rules allow its chair to seek documents through subpoenas. However, the November letters request voluntary cooperation and do not establish that any company broke the law.
Blumenthal's inquiry into Binance 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. The senator said the exchange had not supplied the requested records.
Separately, Blumenthal asked Tether about sanctioned users of USDT and its dealings with consulting firm Nxum. Tether has disputed claims that its stablecoin shelters sanctioned activity. His 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.
The Department of Labor submitted its final-rule package for White House review on Nov. 5. Federal records list the measure as pending, with no set deadline for the review. It concerns how managers select investments for employer-sponsored 401(k) retirement plans, including funds that may contain cryptocurrencies.
The department's March proposal sets six factors for assessing investments: expected performance, fees, liquidity, valuation, benchmarks and complexity. It does not require any retirement plan to offer Bitcoin, Ethereum or other digital assets. Employers and plan managers would still decide which products meet their duties to savers after any rule takes effect.
Coinbase National Trust Company's federal charter became effective on Nov. 6, according to the OCC's public application record. The regulator granted conditional approval in April, and Coinbase completed its pre-opening requirements before the charter took effect. The approval brings its national trust operation under federal banking supervision. 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.” Separately, the Independent Community Bankers of America has sued the OCC, arguing that the regulator exceeds its authority when granting national trust charters to crypto companies.
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