Ex-SEC Aide Links Liquid Staking to Lehman-Style Collapse
Former SEC senior counsel Amanda Fischer likened liquid staking rehypothecation to the Lehman Brothers collapse in 2008 in a post on X, arguing that the SEC’s new guidance effectively exempts some liquid staking tokens from SEC and Fed oversight. SEC Commissioner Caroline Crenshaw criticized the guidance’s assumptions and lack of clarity, while Commissioner Hester Peirce praised it as a boost to DeFi liquidity. Industry figures including VanEck’s Matthew Sigel and Helius Labs CEO Mert Mumtaz called Fischer’s comparison misleading, and lawyer Jason Gottlieb suggested on-chain rehypothecation could have mitigated the 2008 crisis. Meanwhile, liquid staking TVL rose 14.5% YTD to $66.94 billion, led by Lido Finance (48% share, $31.88 billion TVL) and Binance-staked ETH ($11.4 billion, up 90%). Traders should watch for evolving SEC policies on liquid staking and rehypothecation norms, as regulatory shifts could affect token performance and market stability.
Neutral
While the SEC’s clarification that some liquid staking tokens fall outside securities regulation could support token liquidity and market confidence, Amanda Fischer’s stark comparison to the Lehman collapse and the ensuing debate highlight persistent regulatory uncertainty. In the short term, traders may face increased volatility as market participants react to regulatory signals; in the long term, clearer guidelines could underpin stable growth in the liquid staking sector. Overall, the mixed regulatory outlook and potential for improved DeFi liquidity balance out, suggesting a neutral price impact on ETH and related tokens.