It's all going to come out eventually
Tether is messy because what guarantees the USD is messy. I think if you look into merchant law, strawman argument, court system, the difference between state and federal citizen, trust law, and certificate securitization it will blow your mind.
here is a start:
if you want to dive into this rabbit hole I can share more material, let me know.
You are pretty good at this! Next up, given your experience in both TradFi and crypto, would be keen to hear your take on the GBTC and ETHE 40%+ discount and whether there would be any chance or motivation for the gap to close, which I suppose the redemption program that was shut by the SEC would need to resume?