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 <p class="is-style-lead">Tether and Bitfinex have chosen not to challenge the Freedom of Information Law (FOIL) <a rel="noopener noreferrer nofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> initiated by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of displaying “certain behaviors.”&nbsp;</p>
 <p>The companies allege that Faux’s prior reports on Tether and Bitfinex exceeded the boundaries of professional journalism.&nbsp;</p>
 <h2 class="wp-block-heading" id="foil-request-in-action">FOIL request in action</h2>
 <p>In the&nbsp;Nov. 24 announcement, the two firms claim that media outlets, such as The Wall Street Journal and Bloomberg, have journalists involved in the ongoing FOIL <a rel="noopener noreferrer nofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a>, have presented “one-sided and inaccurate” information. Tether and Bitfinex share that, in contrast their goal is to set a higher moral standard and “lead by example.”</p>
 <p>The current FOIL <a rel="noopener noreferrer nofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> is linked to the agreement between Tether, Bitfinex and the New York Attorney General (NYAG) in February 2021. Initially reported by&nbsp;CNBC, the agreement included a payment of an $18.5 million fine to resolve a two-year legal dispute over the alleged commingling of $850 million in client and corporate funds.</p>
 <p>As part of the settlement terms, Tether and Bitfinex committed to submitting quarterly transparency reports to the NYAG for a two-year period. Upon the conclusion of these obligations, CoinDesk initiated a FOIL <a rel="noopener noreferrer nofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> in New York, seeking the public disclosure of materials related to Tether’s first quarter as submitted under the terms of the settlement agreement.</p>
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 <h2 class="wp-block-heading" id="a-bid-for-openness">A bid for openness</h2>
 <p>The announcement concludes with Tether emphasizing both firm’s commitment to transparency, stating that their actions are intended to assert positions as leaders in their respective industries for openness.&nbsp;</p>
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 <p>The decision not to contest the FOIL <a rel="noopener noreferrer nofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> is a demonstration of dedication to responsible business practices and maintaining a reputation for transparency, in contrast to 2021 comments that Tether’s claims that it is lying about U.S. dollars fully backing its virtual currency at all times.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-and-bitfinex-withdraw-opposition-to-foil-request-tbt71526.html">https://thebittimes.com/tether-and-bitfinex-withdraw-opposition-to-foil-request-tbt71526.html</a></p>

Tether and Bitfinex withdraw opposition to FOIL request

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TheBitTimes

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