Tether And Bitfinex Do Not Object To FOIL Requests To Ensuring Transparency

Key Points:

• Tether and Bitfinex abandon their opposition to a FOIL request, affirming their commitment to transparency.
• While refraining from open documentation releases, Tether and Bitfinex vow transparent communication despite concerns over journalists’ conduct.
• The companies respond to past journalistic criticisms, emphasizing responsible engagement with reporters and regulatory bodies.

Tether and Bitfinex, in a joint decision, have opted to withdraw their initial opposition to a Freedom of Information Law (FOIL) request filed in New York by prominent news outlets.

Tether and Bitfinex Pivot on FOIL Request

The move, revealed in a statement, underscores the commitment to transparency, responding to a FOIL request initiated by CoinDesk earlier this year.

While the companies have chosen not to openly release documentation, citing a misalignment with their business practices, they emphasized a dedication to transparent communication. Despite reservations about the conduct of journalists Zeke Faux, Shane Shifflett, and Ada Hui, who lodged the FOIL request, Tether and Bitfinex opted not to challenge it.

The Companies Address Transparency Concerns

Addressing concerns related to journalistic practices, the stablecoin issuer and crypto exchange pledged to engage responsibly with journalists and regulatory bodies, adhering to ethical reporting standards. They acknowledged concerns about the conduct of specific journalists but asserted their commitment to transparency, denying any intention to conceal information.

Tether and Bitfinex also tackled past criticisms of journalistic practices, accusing Zeke Faux of extending beyond the bounds of professional journalism. They claimed media outlets like The Wall Street Journal and Bloomberg presented “one-sided and inaccurate” coverage.

Emphasizing the importance of responsible document review before public release, the companies stressed that transparency doesn’t equate to unrestricted disclosure, highlighting a commitment to balanced reporting within ethical boundaries.

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