Commitment to Transparency: Tether and Bitfinex Address FOIL Request Concerns
Tether and Bitfinex, two prominent players in the cryptocurrency industry, have reaffirmed their dedication to transparency while addressing concerns surrounding a recent New York Freedom of Information Law (FOIL) request. The companies emphasize that transparency does not mean releasing all documents without discretion, highlighting the importance of responsible disclosure practices.
Transparency as a Core Principle
Tether and Bitfinex have consistently upheld transparency as a key aspect of their operations. For instance, Tether previously dropped opposition to a FOIL request from Coindesk. However, it is important to note that transparency should not be interpreted as an unrestricted release of all documents, as this deviates from standard business practices.
Declined FOIL Appeal Amid Reporting Concerns
The recent NY FOIL request has raised concerns due to the conduct of certain journalists involved and media outlets participating in the request. Tether and Bitfinex have observed instances of unprofessional and biased reporting from individuals such as Zeke Faux, Shane Shifflett, Ada Hui, as well as from outlets like The Wall Street Journal and Bloomberg.
Despite these concerns, Tether and Bitfinex have chosen not to appeal the FOIL request. Their decision reflects their unwavering commitment to transparency and their belief that they have nothing to hide. However, they stress that transparency must be balanced with responsible business practices.
Maintaining a Reputation for Transparency
Tether and Bitfinex remain dedicated to upholding their reputation as the most transparent companies in their respective industries. Their choice not to appeal the FOIL request demonstrates their commitment to responsible business practices and transparency. They believe their actions will set a positive example for the cryptocurrency industry.
While valuing transparency, Tether and Bitfinex also prioritize data privacy and refuse to disclose documents indiscriminately. Their decision not to appeal the recent FOIL request showcases their commitment to responsible business practices and transparency without compromising data privacy.
Hot Take: Striking a Balance Between Transparency and Privacy
Tether and Bitfinex’s unwavering commitment to transparency is evident in their actions. While they prioritize responsible disclosure practices, they also emphasize the importance of maintaining data privacy. By choosing not to appeal the recent FOIL request, they aim to set a positive example for the cryptocurrency industry. Tether and Bitfinex believe that transparency can coexist with responsible business practices, striking a balance that benefits both the companies and their users.
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