{"id":14222,"date":"2023-11-26T09:09:13","date_gmt":"2023-11-26T09:09:13","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14222"},"modified":"2023-11-26T09:09:16","modified_gmt":"2023-11-26T09:09:16","slug":"tether-bitfinex-agree-to-drop-opposition-to-foil-request","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14222","title":{"rendered":"Tether, Bitfinex agree to drop opposition to FOIL request"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Tether and Bitfinex have jointly agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by a number of high-profile news publications.<\/p>\n<p>A statement\u00a0from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from CoinDesk earlier this year.<\/p>\n<p>The companies also indicated that they would not be openly releasing documentation, claiming that the approach is not in line with its business practices:<\/p>\n<p>\u201cIt\u2019s essential to clarify that transparency does not mean a wholesale release of all our documents.\u201d<\/p>\n<p>Tether and Bitfinex will not appeal against the FOIL request put forward by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of exhibiting \u201ccertain behaviors.\u201d<\/p>\n<p>The companies claim that Faux\u2019s past reports on Tether and Bitfinex have \u201cextended beyond the boundaries of professional journalism.\u201d They also claim that media outlets, including The Wall Street Journal and Bloomberg \u2014 whose journalists are participating in the ongoing FOIL request \u2014 have been \u201cone-sided and inaccurate.\u201d<\/p>\n<p><strong><em>Related:\u00a0Tether\u2019s game plan in El Salvador: Why invest in Volcano Energy?<\/em><\/strong><\/p>\n<p>The statement stresses that both companies are committed to transparency and remain open to engagement with journalists and regulatory authorities, given that they \u201cadhere to ethical reporting standards and respect data privacy boundaries.\u201d<\/p>\n<p>Tether and Bitfinex also called for \u201cresponsible document review\u201d before any public release of information, stating that their efforts to be transparent do not \u201cequate to unrestricted public disclosure of all documents.\u201d<\/p>\n<p>Cointelegraph has reached out to Tether to ascertain finer details of the FOIL request and the information it pertains to.<\/p>\n<p>The ongoing FOIL request relates to Tether and Bitfinex reaching an agreement with the New York Attorney General (NYAG) in February 2021. As initially reported\u00a0by CNBC, the agreement involved paying an $18.5 million fine to settle a two-year-long legal dispute regarding the alleged commingling of $850 million of client and corporate funds.\u00a0<\/p>\n<p>Part of the settlement required Tether and Bitfinex to submit quarterly transparency reports to the NYAG for two years. Following the end of these obligations, CoinDesk submitted a FOIL request in New York seeking public disclosure of materials relating to Tether\u2019s first quarter that it had submitted under the settlement agreement. <\/p>\n<p>In June 2023, Tether claimed that it had opposed the FOIL request to prevent public dissemination of \u201cconfidential customer data\u201d and to prevent the use of \u201csensitive commercial information,\u201d which it fears could be exploited by \u201cmalicious actors.\u201d<\/p>\n<p><strong><em>Magazine:\u00a0Exclusive: 2 years after John McAfee\u2019s death, widow Janice is broke and needs answers<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/tether-bitfinex-agree-drop-opposition-foil-request\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether and Bitfinex have jointly agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by a number of high-profile news publications. A statement\u00a0from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14222"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14222\/revisions"}],"predecessor-version":[{"id":14224,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14222\/revisions\/14224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14223"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}