Tether is not a security. It is a money service business. Cf.: ''U.S. Department of the Treasury (MSB Registration Number 31000058542968).''. Full compliance. Tether is an Omni token ( comm layer) over protocol layer (Bitcoin). Legally it is a claim for USD. Like a bearer quantized digital certificate. Or electronic check. If it was an ERC20 Eth token would be praised as a 'smart contract' :) :) :) - very successful example. The only weakness of Tether is that it is not redeemable, or settle-able by the issuer or rather the 'backer'. If it was you do not need Ripple, because as an interface between crypto and fiat would be multi-trillion daily turnover business. And this will happen. Rather by some form of Omni/LN-like Tether 2.0 by other dev, than from evolution of Tether. Tether and Bitfinex btw survived several regulatory scrutiny 'attacks' - if they haven't have the hundreds of millions of USD deposited than the consequences would be freezing and dissolution of the firm and few lifetimes jail for the ppl in the org ...
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