Tether provides a good opportunity for the crypto community to govern itself. I sure don't have the perfect answer at this point but I believe we have enough time to address this together. The worst possible course of action is to do nothing. If regulators see this blow up and Americans lose a lot of money they may regulate against our interests.

I've made the individual choice to use bitUSD as my dollar equivalent. It's fully transparent and collateralized on-chain rather than some off-chain promise from a bank!