Tether and Bitfinex Decline to Contest FOIL Request, But There's a Catch

In response to a New York Freedom of Information Law (FOIL) request initiated by Coindesk, Tether and Bitfinex announced dropping their opposition.

According to the official blog post on November 24th, the decision underscored the companies’ “commitment to transparency” within the crypto sector, which aligns with the broader intention to maintain a balanced approach to document release.

• While emphasizing the core principle of transparency, Tether and Bitfinex, in a joint statement, clarified that transparency does not imply an unrestricted disclosure of all documents.
• This stance is presented as consistent with standard business practices, ensuring 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.”

• Acknowledging concerns related to the recent FOIL request, particularly with regard to the conduct of specific journalists involved, the stablecoin issuer and the crypto exchange expressed a commitment to transparency and asserted that there is no intention to conceal any information.
• Despite potential challenges, Tether and Bitfinex have decided not to appeal the FOIL request.
• The two companies also addressed past concerns about journalistic practices and expressed a willingness to engage with journalists and regulatory authorities adhering to ethical reporting standards.
• They stressed the importance of responsible document review before public release, highlighting that transparency is not synonymous with unrestricted disclosure.