I feel like this is a way bigger story than tether being unbacked and yet 99% of users will totally ignore it because they'd rather bury their head in the sand than face up to the fact that regulation is coming and the SEC have made it pretty clear that the vast majority of tokens are unregistered securities.
Whilst we don't know exactly what the outcome will be I think your point is right, it's not going to be pretty.
The best case scenario, imo, is the early projects like ETH might get a pass for being early enough and worth so much god damn money that they can get away with it but all bets are off for just about everything else that was enabled by ERC20. I don't see the SEC just saying "fine whatever but from now on...."
If the SEC wants to go scorched Earth they could absolutely come out and say everything that was an ICO or isn't on a strict list of "non securities" must be removed from ALL US based exchanges and any exchanges offering services to US residents must either restrict trading to US customers for these specific assets or remove them completely. This will absolutely collapse the value of the vast majority of tokens on the market and it's not unheard of.
This isn't far removed from what happened with XRP albeit I think the exchanges removed it voluntarily initially and XRP has a far more legitimate case than the rest of the shit that followed.
The reckoning is coming.
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