Parnas' attorney, Joseph Bondy, has confirmed that he turned over a recording of the dinner to authorities.
Asked by local media if he viewed that as a threat, Mr Schiff said: "I think it was meant to be". "I can't ascribe any kind of motive beyond that".
Trump is also heard on the tape calling for the removal of U.S. Ambassador to Ukraine Marie Yovanovitch. "This seems to be the recording that certainly addresses the issue of the Ambassador and we thought it was really important to get that recording out in public today".
White House press secretary Stephanie Grisham on Sunday stood by the President's claim that he doesn't know Parnas, while also defending Trump for listening to Parnas' claims about Yovanovich on the recording.
USA senator James Lankford, a Republican, likened Mr Trump's comment to those of Democrats who say Republicans will pay a price at the ballot box for supporting Mr Trump or will pay a price in the future as they are held accountable.
Halfway through the recording, after one of the participants suggests Yovanovitch is a problem, Trump's voice can be heard saying "Get rid of her!" On his now infamous July 25 call with the president of Ukraine, Volodymyr Zelenskiy, Trump said of Yovanovitch, "She's going to go through some things".
Indicted businessman Parnas claimed in an interview with MSNBC earlier this month that the commander-in-chief threatened the freezing of "all aid" to Ukraine until an investigation into the Bidens was opened.
"I was particularly gratified to see that everything Mr. Parnas has been stating about that event was true", Bondy said, referring to the April 30, 2018 dinner.
The White House did not respond to a request for comment on Mr Trump's Twitter post.
Media captionIn the footage from April 2018, Mr Trump can be heard saying "Get rid of her!"
"How long would they last in a fight with Russian Federation?" "She's basically walking around telling everyone 'wait, he's going to get impeached'".
Asked about the report on Friday, Trump told "The Ingraham Angle's" Raymond Arroyo that he was not relying on Parnas to get rid of Yovanovitch while acknowledging: "I am not a fan of that ambassador". I don't care. Get her out tomorrow.
"If it's authenticated, what bothers me the most.is this line, 'take her out, '" Demings, a House impeachment manager, said.
Both Parnas and Fruman were charged with violating USA campaign finance laws in October.