Tether and Bitfinex Choose Not to Challenge FOIL Request
Tether and Bitfinex have decided not to contest a Freedom of Information Law (FOIL) request initiated by journalists, claiming that their prior reports exceeded the boundaries of professional journalism. The companies accuse media outlets involved in the FOIL request, such as The Wall Street Journal and Bloomberg, of presenting one-sided and inaccurate information. Tether and Bitfinex state that their goal is to set a higher moral standard and lead by example.
Background on the FOIL Request
The current FOIL request is linked to the agreement between Tether, Bitfinex, and the New York Attorney General (NYAG) in February 2021. As part of the settlement terms, Tether and Bitfinex agreed to submit quarterly transparency reports to the NYAG for two years. CoinDesk initiated the FOIL request to seek public disclosure of materials related to Tether’s first quarter under the settlement agreement.
A Commitment to Transparency
Tether emphasizes its commitment to transparency and responsible business practices. By choosing not to challenge the FOIL request, they aim to maintain their reputation for openness and integrity. This decision contrasts with previous allegations that Tether was lying about the full backing of its virtual currency with U.S. dollars.
Hot Take: Tether and Bitfinex Prioritize Transparency
Tether and Bitfinex have made a significant move by not challenging the FOIL request initiated by journalists. This decision showcases their dedication to responsible business practices and maintaining a reputation for transparency. By setting a higher moral standard and leading by example, they aim to assert themselves as leaders in their respective industries. While allegations of one-sided reporting have been made against media outlets involved in the FOIL request, Tether and Bitfinex emphasize their commitment to providing accurate information. This commitment to transparency is crucial for building trust and credibility in the crypto industry.
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