May 31, 2023 2:02 am
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New York Court Orders Tether to Comply with FOIL Request
Tether tried to block the request, but a New York court dismissed their motion.
A New York court has dismissed an attempt by Tether, the world’s largest stablecoin issuer, to block CoinDesk’s Freedom of Information Law (FOIL) request for documents related to its reserves.
The FOIL request was filed by CoinDesk in March 2021 and seeks records related to Tether’s backing of its stablecoin USDT. The cryptocurrency news outlet has argued that these documents are necessary to shed light on the company’s activities and operations.
Tether had sought to block the FOIL request on grounds that it was “overly broad and burdensome,” according to court filings. However, the judge found that Tether had not provided sufficient evidence for their motion and dismissed it.
This ruling is a major victory for transparency in the crypto industry and will allow CoinDesk to access records related to Tether’s reserves. This could help clarify how much money is actually backing USDT tokens, as well as other details about how Tether operates.
CoinDesk editor-in-chief Pete Rizzo commented on the ruling: “We are pleased with this decision from the court, which affirms our right to access public information under FOIL laws.” He added that this ruling is an important step towards greater transparency in cryptocurrency markets.
It remains unclear when CoinDesk will receive documents related to Tether’s reserves or if they will be able to obtain them at all. Nonetheless, this ruling sets a positive precedent for future attempts at obtaining information about crypto companies’ operations and activities.