Former SEC Chief of Staff Compares Liquid Staking to Lehman Brothers’ Pre-Collapse Rehypothecation, Faces Pushback from Crypto Industry

According to a report by Jinse Finance, Amanda Fischer, former Chief of Staff to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, compared the liquid staking mechanism in cryptocurrency to the rehypothecation of assets that led to the collapse of Lehman Brothers, sparking widespread controversy within the industry. Fischer stated on social platform X that the SEC’s stance on liquid staking is tantamount to endorsing asset rehypothecation practices similar to those of Lehman Brothers. Several industry figures have refuted this view. Matthew Sigel, Head of Digital Asset Research at VanEck, pointed out inconsistencies in Fischer’s argument; Austin Campbell, founder of Zero Knowledge Consulting, believes this reflects policymakers’ continued reliance on traditional perspectives when assessing cryptocurrencies; blockchain attorney Kurt Watkins commented that Fischer is overinterpreting the SEC’s position, noting that the SEC’s guidance mainly targets liquid staking setups lacking independent decision-making authority.