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Tether and Bitfinex Reinforce Commitment to Transparency Amidst Media Scrutiny

Tether and Bitfinex, stalwarts in this dynamic space, have reaffirmed their dedication to openness and accountability. Their recent decision not to contest a New York Freedom of Information Law (FOIL) request further underscores their commitment to transparency while navigating the complex terrain of information disclosure.

Earlier this year, Tether dropped its opposition to a FOIL request initiated by Coindesk, aligning with its ethos of transparency. However, a pivotal distinction arises: transparency doesn’t equate to indiscriminate disclosure of all documents, echoing the standard practices prevalent in the corporate domain. This nuanced approach to transparency serves as the fulcrum for responsible business conduct while upholding the principles of openness.

Yet, recent developments surrounding a fresh FOIL request received by Tether and Bitfinex have stirred controversy. Key concerns have emerged regarding the conduct of the journalists spearheading this request—Zeke Faux, Shane Shifflett, and Ada Hui. Tether and Bitfinex stand firm in their decision not to pursue further appeals against this request. Their rationale is grounded in an unflinching allegiance to transparency and the belief that their operations hold no hidden agendas.

Criticism has been levied against Zeke Faux’s prior journalistic endeavors, which, at times, seemed to transcend the boundaries of professional conduct. Additionally, Tether and Bitfinex have voiced disapproval of what they perceive as one-sided and factually inaccurate reporting by various media outlets, including the Wall Street Journal and Bloomberg—both participants in the ongoing FOIL request.

This stance signifies a bid by Tether and Bitfinex to set a precedent, striving to establish a higher ethical standard and lead by example in an industry where trust is paramount. Upholding this ethos, they emphasize a commitment to engaging constructively with journalists and regulatory bodies, provided they adhere to ethical reporting standards and respect data privacy boundaries.

However, a crucial tenet emphasized by Tether and Bitfinex remains: responsible handling and scrutiny of documents before public release. They emphasize that transparency does not imply unfettered public disclosure of all documents but underscores a meticulous review process that aligns with their commitment to responsible business practices.

Tether and Bitfinex reiterate their standing as industry vanguards in transparency. Their decision not to contest the recent FOIL request amplifies their dedication to ethical conduct and transparency, reaffirming their resolve to uphold their pristine reputation while navigating the evolving landscape of cryptocurrency.

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