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Tether on August 31, 2021 tweeted: Today, we filed an Article 78 proceeding to prevent the release of proprietary, competitively sensitive information to parties outside our business.
In any other industry, this would not be condoned – and it should be the same for us and for any other company in our industry.
We thank our customers for their continued trust in Tether as shown through our growth; it tells the market that our disclosures are sufficient to make well-informed decisions.
For those who missed the intricate details: The filing under Article 78 and further proceedings is to prevent the release of certain materials that Tether provided to the New York Attorney General’s Office as part of their reporting commitments under the settlement agreement, which they have signed earlier in 2021.
Tether provides this information in good faith to demonstrate to the Attorney General’s Office about the information they rely on and to agree to the resolution consistently.
Tether believes that disclosure of this information beyond the Attorney General’s Office will harm Tether’s competitive position in the marketplace eventually invading the privacy of third parties. The original Records Access Officer in the Attorney General’s Office also agrees to Tether’s need for Article 78 proceedings.
Tether acknowledges that they understand that the evolving industry creates a desire for transparency and an understanding of how stablecoins work.
Tether claim that they will continue to lead the industry by providing information about their reserves to ensure clarity and transparency into their operations. Tether are also proceeding to obtain audited financial statements and they hope to produce these within the coming months.
Tether is a private business. Like all private companies do, they maintain certain proprietary details about their operations to continue their competitive advantage as a leader in the industry.
Finally, contrary to the wild and false speculation of online trolls, Tether and Bitfinex have provided the New York Attorney General’s Office with complete and timely quarterly reports under the settlement agreement.
Tether concluded stating, we look forward to a judicial determination of this matter by the New York Supreme Court.
Community response: Good job guys, another great step towards transparency. What charged words are used to basically avoid transparency?
Tether is great for trading, but anyone that holds Tether is on a suicide mission. Tether claims to keep values steady by holding reserves in that currency in a bank though. Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price.
