What if the commercial paper was IOUs from cryto-exchanges that were issued in return for un-backed Tether. The IOU then being treated as backing. What if "cr

What if the commercial paper was IOUs from cryto-exchanges that were issued in return for un-backed Tether. The IOU then being treated as backing. What if "crypto-exchanges" just means Bitfinex and no-one else. You notice that they carefully said the secured loans were against non-partner entities. They said nothing of the sort about the commercial paper.