🧵I just reviewed the Digital Commodity Exchange Act #DCEA and two things jumped out at me. 1) It says it permits "trading in only digital commodities that are not readily susceptible to manipulation." If a crypto is centralized, it certainly can be manipulated, *cough* ETH. 1/5 
2) It also said to test that the backup resources of the digital commodity exchange are sufficient to ensure continued..."maintenance of a comprehensive and accurate audit trail." One crypto we know is lacking in a transparent audit trail is USDT, Tether. 2/4
Which exchange can Tether impact? Since Coinbase (COIN) announced it will accept Tether on all of its platforms, I agree with this article that COIN will suffer due to its "shackle to Tether". 3/5
seekingalpha.com/article/443295…
seekingalpha.com/article/443295…
Tether is not backed 1:1 with the US dollar as a reserve asset. Instead, it has a substantial amount invested in commercial paper, some from Evergrande, which is near default. capital.com/tether-price-p… 4/5
If/when Russia is determined by Moody's to have defaulted on commercial paper (cp) on May 4th bc it paid in Rubles, a default on cp could become systemic & crash USDT and possibly COIN. 5/5
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