Tether and Bitfinex Drop Opposition to FOIL Request, Emphasizing Transparency
Tether and Bitfinex have announced that they are dropping their opposition to a New York Freedom of Information Law (FOIL) request initiated by Coindesk. In a joint statement, the companies emphasized their commitment to transparency within the crypto sector and their intention to maintain a balanced approach to document release.
Transparency without Unrestricted Disclosure
The decision to drop the opposition to the FOIL request does not mean an unrestricted disclosure of all documents, according to Tether and Bitfinex. They clarified that transparency is consistent with standard business practices and responsible handling of sensitive information.
“Both Bitfinex and Tether stand as the most transparent companies in their industries, and we are committed to maintaining this reputation. Our decision to not appeal this FOIL request reinforces our commitment to both responsible business practices and transparency.”
Addressing Concerns and Commitment to Transparency
Tether and Bitfinex acknowledged concerns related to the FOIL request and assured that there is no intention to conceal any information. Despite potential challenges, they have chosen not to appeal the request.
The companies also expressed a willingness to engage with journalists and regulatory authorities who adhere to ethical reporting standards. They emphasized the importance of responsible document review before public release, making it clear that transparency is not synonymous with unrestricted disclosure.
Hot Take: Tether and Bitfinex Prioritize Transparency in Response to FOIL Request
Tether and Bitfinex have decided to drop their opposition to a FOIL request, highlighting their commitment to transparency in the crypto sector. While they maintain that transparency does not mean unrestricted disclosure of all documents, they emphasize responsible business practices and a willingness to engage with journalists and regulatory authorities adhering to ethical reporting standards. This decision reinforces their reputation as transparent companies and their dedication to maintaining that reputation.
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