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The US Supreme Court refused to satisfy the petition of the issuer of USDT, aimed at prohibiting the publication of CoinDesk information on the detailed composition of the stablecoin reserves.
A petition that the Tether team filed with the New York State Supreme Court asking for permission to block the viewing of documents detailing the composition of Tether’s reserves over the past few years has been rejected.
“The New York Supreme Court rejected Tether’s petition to ban the publication of documents detailing the composition of Tether’s reserves over the past few years,” the decision said.
Recall that in February, lawyers representing the issuer of the Tether stablecoin and its parent company iFinex filed a lawsuit with the New York Attorney General’s Office (NYAG) against the coinDesk information resource in connection with the publication of Tether reserves.
“The records in question include bitfinex and Tether’s heavily guarded, non-public internal records, which were developed at significant cost and could not have been acquired by its competitors except through this FOIL request,” the statement said.
Probably, the decision of the US Supreme Court is associated with the suddenly increased risks for investors and the financial system itself from the stablecoin market and the reputation of Tether. According to the latest certification of the issuer of the USDT stablecoin, Tether’s consolidated assets in February 2022 exceeded consolidated liabilities by $ 140 million. the Issuer posted a report on the results of the last attestation, where it admitted that in September-December it reduced its reserves in securities by more than one fifth. The report said Tether’s reserves fell from $30.5 billion to $24.2 billion.
Recall that in 2021, the US Commodity Futures Trading Commission (CFTC) fined Tether and Bitfinex a total of $ 42.5 million for statements misleading investors and illegal transactions with US citizens.
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