Stablecoin company Tether and sis business Bitfinex consented to drop opposition to a New York Freedom of Information Law (FOIL) demand brought by a group of reporters, consisting of Bloomberg Businessweek’s Zeke Faux, the author of the book “Number Goes Up.”
The companies stated in a declaration that the relocation becomes part of their “dedication to openness,” although opposition does not indicate a total release of all of its files. “However, it’s vital to clarify that openness does not suggest a wholesale release of all our files. This method is not in line with basic organization practices,” the declaration stated.
Tether formerly made a comparable statement after losing in court two times when trying to obstruct a June 2021 FOIL demand submitted by CoinDesk. That demand related to files produced throughout the New York Attorney General’s query on accusations that USDT, the U.S. dollar-pegged stablecoin that Tether concerns, was not adequately backed by reserves from mid-2019 to early 2021, settling charges with the business at the end of that duration.
In the FOIL demand, CoinDesk particularly requested files about Tether’s reserves. The stablecoin company petitioned the New York Supreme Court to obstruct the release of these files.
