...
I'm guessing the CFTC stepped in when Tethers went over $2B in a matter of days, they were creating more USDT than the Federal Reserve creates USD.
...
Have you read the updated version of the Bloomberg article or the posts by gentlemand?
The subpoena was delivered on the 6th of December.
The majority of Tether issuance has happened
after that date.
Therefore the CTFC has stepped in when the outstanding amount
of USDT was roughly ~800M $.