Sunday, August 3, 2025

Latest

Tether Loses Court Battle To Block Reserve Records FOIA Request By CoinDesk

The public might be one step closer to learning what assets actually back Tether, following the failure of Tether to block a freedom of information act request that came from CoinDesk back in 2021 that is just now being resolved.

The request, classified as a Freedom of Information Law request, pertains to information on Tether’s reserves that back the USDT crypto stablecoin.

New York Supreme Court Justice Laurence Love has ruled that he is denying and dismissing a petition made by iFinex and related companies, which is said to include both Tether and Bitfinex, to block the request made by Coindesk to the New York State Attorney General. The Attorney General previously investigated Tether following allegations that the crypto stablecoin was not sufficiently backed from mid-2019 through to early 2021.

In making the ruling, Justice Love stated that “Petitioners having failed to establish that substantive competitive injury requirement under FOIL has been here met, the Court notes that there is a strong public interest in the disclosure of the requested information .. Petitioners have at all times represented to the public that that every outstanding tether was “backed” by, and thus should be valued at, one U.S. dollar .. However, said statements have been found by OAG to be misleading. As established by Respondents’ papers, not only OAG but multiple federal agencies are concerned with Petitioners’ lack of transparency and possible commission of crimes.”

On that basis, Justice Love ordered that the petition to block the freedom of information act request, “is hereby DENIED and DISMISSED in its entirety.”

The decision may yet be appealed by Tether and its related companies. It is unclear at this time when CoinDesk may get access to those materials related to what assets actually back the $68 billion stablecoin.


Information for this briefing was found via CoinDesk and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

San Dimas: First Majestic Silver’s Sleeper Asset

New Gold Q2 Earnings: Record Free Cash Flow

STLLR Gold: The Tower Gold PEA

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Tether Calls Rumors False, Aims to Decrease Commercial Paper Backing To Zero

In a statement released on Wednesday morning, Tether called rumors about its commercial paper backing...

Thursday, June 16, 2022, 02:30:00 PM

Smugglers Use Tether to Evade Russian Sanctions — Report

Tether has emerged as a major facilitator for Russian entities looking to work around Western...

Wednesday, April 3, 2024, 12:54:00 PM

Tether Fined $41 Million Over Misleading Claims That Stablecoins Were Fully Backed by US Dollars

One week after Bloomberg spilled the beans that Tether may not actually have the $69...

Sunday, October 17, 2021, 02:51:00 PM

Court Allows Celsius’s $4 Billion Lawsuit Against Tether to Proceed

A federal bankruptcy judge ruled June 30 that Celsius Network‘s $4 billion lawsuit against stablecoin...

Wednesday, July 2, 2025, 10:54:00 AM

US Lawmakers Want Criminal Charges For Binance, Investigate Tether On Alleged Terrorism Funding

Republican lawmakers have called on the U.S. Department of Justice to thoroughly investigate whether Binance...

Friday, October 27, 2023, 02:53:00 PM