Tether and Bitfinex will no longer object to journalists’ requests under New York’s Freedom of Information Act

Stablecoin issuer Tether and its sister company Bitfinex have agreed to withdraw their objections to a New York Freedom of Information Act (FOIL) request filed by a group of journalists, potentially leading to the release of a subset of documents. The companies said in a statement that the move was part of their "commitment to transparency," although withdrawing their objections did not mean the full release of all their documents. "However, it is important to clarify that transparency does not mean a wholesale release of all our documents. This practice is inconsistent with standard business practice," the statement said. Tether previously made a similar statement when it tried to block CoinDesk’s FOIL request in June 2021 after losing two court cases. The request involves documents produced during the New York State Attorney General's investigation into allegations that USDT, a U.S. dollar-pegged stablecoin issued by Tether, did not have sufficient reserves to back it up from mid-2019 to early 2021, and that A settlement was reached with the company at the end of the period. (Coindesk)