> Tether's entire business model, providing an almost-unregulated USD cryptocurrency, relies on them not arbitrarily banning people

No, their entire business model relies on bank/CC providers don't ban them. Somehow, they treat all crypto related transactions as iffy but USDT, bought to buy crypto, got under much less scrutiny. The entire problem their solver was that new users couldn't move cash to exchanges fast enough to join bull runs.

You can say the same for many other industries:

> almost-unregulated except when the authority say no.

Yeah, until Trump (or whoever is president at the time) tells them to.

What will they do when the alternative is broken bones?