Tether and Bitfinex, two leading entities in the cryptocurrency industry, have reiterated their unwavering commitment to transparency while addressing concerns surrounding a recent New York Freedom of Information Law (FOIL) request. The companies have emphasized that transparency does not equate to an indiscriminate release of all documents, highlighting the importance of responsible disclosure practices.
Transparency as a Core Principle
Tether and Bitfinex have consistently upheld transparency as a fundamental tenet of their operations. This commitment is evident in their past actions, such as Tether’s decision to drop opposition to a FOIL request brought by Coindesk earlier this year. However, the companies emphasize that transparency should not be misconstrued as an unfettered release of all documents, a practice that deviates from standard business norms.
Declined FOIL appeal amid reporting concerns
The recent NY FOIL request has raised concerns due to the conduct of certain journalists involved, including Zeke Faux, Shane Shifflett, and Ada Hui. Tether and Bitfinex have observed instances of unprofessional and one-sided reporting from these individuals, as well as from media outlets like The Wall Street Journal and Bloomberg, whose journalists are also participating in the FOIL request.
Despite these concerns, Tether and Bitfinex have decided not to appeal the FOIL request. This decision stems from their unwavering commitment to transparency and their belief that they have nothing to conceal. The companies reiterate that transparency is a cornerstone of their operations, but it must be balanced with responsible business practices.
Maintaining a Reputation for Transparency
Tether and Bitfinex remain committed to their reputation as the most transparent companies in their respective industries. Their decision not to appeal the FOIL request reinforces their dedication to both responsible business practices and transparency. The companies are confident that their actions will set a positive example for the cryptocurrency industry.
While upholding the mantle of transparency, Tether and Bitfinex draw a line in the sand, refusing to succumb to indiscriminate document disclosure. Their decision not to appeal a recent FOIL request underscores their commitment to responsible business practices and transparency without compromising data privacy.
