Tether and Bitfinex Drop Opposition to FOIL Request
Stablecoin issuer Tether and cryptocurrency exchange Bitfinex have decided to withdraw their opposition to a Freedom of Information Law (FOIL) request made by various news outlets. In a joint statement, the companies stated that their decision is based on their commitment to transparency and the belief that they have nothing to hide. However, they clarified that transparency does not mean releasing all their documents. The companies also called out several journalists who lodged the FOIL request, alleging certain behaviors and expressing concerns about their work. They criticized the reporting of the Wall Street Journal and Bloomberg as one-sided and inaccurate. This is not the first time Tether has dropped opposition to a FOIL request this year.
History repeats itself
Earlier this year, Tether also withdrew its opposition to a FOIL request made by media company Coindesk regarding a settlement with the New York Attorney General’s Office. The state had accused Tether of moving funds to hide nearly $850 million, resulting in an $18.5 million fine as part of the settlement. Tether asserted that it has nothing to hide and is confident in the accuracy of its financial figures. Both Tether and Bitfinex are owned by Ifinex Inc.
Hot Take: Tether and Bitfinex Prioritize Transparency
Stablecoin issuer Tether and cryptocurrency exchange Bitfinex have decided to drop their opposition to a Freedom of Information Law (FOIL) request, emphasizing their commitment to transparency. While they believe in providing access to specific records, they also stress that transparency should not mean unrestricted public disclosure of all documents. The companies have called out journalists for alleged “behaviors” and criticized the reporting of certain news organizations as one-sided and inaccurate. This move follows Tether’s previous decision to withdraw opposition to a FOIL request earlier this year. With these actions, Tether and Bitfinex aim to set a higher moral standard and lead by example in the crypto industry.
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