Coindesk Pushes for Disclosure of Tether USDT Backing in a Legal Tussle

Coindesk Pushes for Disclosure

Coindesk has joined a legal proceeding involving the New York Attorney General, Tether, and iFinex around the reserves supporting the $78.4 billion worth of stablecoins.  

Tether, its parent company, and Bitfinex asked the New York State Supreme Court in August to prevent NYAG from giving the news agency documents about the reserves.

Coindesk has joined the proceedings saying that it has a stake in the case, and so are the investors in general.

The news site notes in a memorandum filed with the court on January 4 that the public concerns were more important than the private interest in the matter.

An order by Judge Laurence Love allowed for the intervention, and neither Tether nor NYAG objected to the move by Coindesk.

Coindesk filed a Freedom of Information Law in 2021, asking NYAG for documents from the investigation of Tether and Bitfinex, which had been settled for $18.5 million.

Source: Coindesk

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