> It certainly is strange that Tether hasn’t been shut down for counterfeiting, which is essentially what they are doing.

It really isn't counterfeiting. If you made fake hundred dollar bills and passed them off, that'll be counterfeiting. However, if you decided to give a bunch of people $100 IOUs and claim they're "totally backed by real dollars in a vault somewhere", but they're not, then it's just fraud. The NY AG and/or CFPB were able to prosecute/fine them for that, but they also got rid of the "totally backed by real dollars in a vault somewhere" claim, so whether they're currently committing fraud is unclear.

There are some other stablecoins, like USDC (about half the size of Tether. Why would Tether need to be closed down while USC not? Or do you think all of them should be shut down?

Tether is just an IOU note. I don't have problems with IOU notes, unless someone forces me to use them. Personally I haven't used tether and probably never will, however I don't have any problem if someone else wants to use it.

you don't understand the problem of printing IOUs and buying btc with it. You don't have to care, but you will if everything goes to zero

You can’t pull a rug out from under your own feet