⚡️💬 NEW - Amanda Fischer, former SEC official and former chief of staff to Gary Gensler, has published a thread claiming that liquid staking carries risks similar to the "double staking" practices at Lehman Brothers before its collapse.

This could, she argues, trigger a systemic collapse of the crypto industry.

With liquid staking, "the user can then earn staking rewards on the original token while playing the market with the synthetic crypto."

"This is not unlike Lehman, which borrows assets from customers and uses them as collateral to make other bets on the market."

"Assets can also be reinstated, reallocated and restacked, generating a synthetic token on a synthetic token. This is starting to look a lot like leverage on mortgage-related derivatives."