Amanda Fischer, chief of staff to Gary Gensler, former chairperson of the Securities Exchange Commission (SEC), has sparked widespread controversy in the industry by comparing the liquid pledge mechanism of cryptocurrencies to the double pledge of assets that led to the collapse of Lehman Brothers. Fischer said on social platform X that the SEC's position on liquid pledges is equivalent to endorsing the Lehman Brothers-like double pledge of assets.
A number of industry experts have refuted this. Matthew Sigel, head of digital asset research at VanEck, pointed out that Fischer's argument is inconsistent; Austin Campbell, founder of Zero Knowledge Consulting, believes that this reflects that policymakers still view cryptocurrencies from a traditional perspective; blockchain lawyer Kurt Watkins said that Fischer has overread the position of the SEC. The SEC's guidance mainly focuses on liquid pledges that do not have autonomous decision-making power.
The former SEC chief of staff compared the liquidity pledge to the repeated mortgage behavior before the collapse of Lehman Brothers, which was refuted by people in the cryptocurrency industry
2025-08-06 02:41:22
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