Former Chief of Staff of the US SEC likened liquidity to repeated collateralization before the collapse of Lehman Brothers, which was refuted by cryptocurrency industry insiders

According to a report by Golden Finance, Amanda Fischer, the chief of staff of former Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, compared the liquidity pledge mechanism of cryptocurrencies to the asset double collateralization behavior that led to the collapse of Lehman Brothers, sparking widespread controversy in the industry. Fischer stated on social media platform X that the SEC's stance on liquid collateralization is equivalent to recognizing asset duplicate collateralization practices similar to those of Lehman Brothers. Several industry insiders have refuted this. Matthew Sigel, head of digital asset research at VanEck, pointed out that Fischer's argument is contradictory; Austin Campbell, founder of Zero Knowledge Consulting, believes that this reflects that policymakers still view cryptocurrency from a traditional perspective; Blockchain lawyer Kurt Watkins stated that Fischer overinterpreted the SEC's position, and the SEC's guidance mainly targets the setting of liquid pledges that do not have autonomous decision-making power.