In a post on platform X, Amanda Fisher, who previously held a high-ranking position in the regulatory authority, expressed her concern about what is known as 'liquidity stacking' operations, deeming them a potential risk similar to the practices that preceded the collapse of Lehman Brothers in 2008. She saw in this decentralized financial model the potential for the emergence of systemic threats, especially given the repeated use of the same assets across encrypted tokens without central oversight.
However, these statements were met with strong reactions from within the cryptocurrency community. Specialists in the field considered that the comparison lacks precision, as the differences between traditional finance and that based on blockchain are vast in terms of transparency and technical structure.
Matthew Siegel, head of digital asset research at VanEck, described Fisher's statements as contradictory, as she places responsibility for the shortcomings in oversight on the authority, while she herself accuses it of failing to intervene. Meanwhile, Kurt Watkins, a lawyer specializing in blockchain technologies, believes that the concerns are exaggerated, pointing out that the authority distinguishes between models that involve indebtedness and those that do not include the use of complex financial derivatives.
For his part, Mert Mumtaz, the CEO of Helios Labs, criticized Fisher's understanding of technology, pointing out that the blockchain structure allows for public data tracking and verification, which fundamentally distinguishes it from the opaque operations in the traditional financial sector.
It is worth noting that Fisher is currently associated with an organization that has previously expressed its rejection of the introduction of private investment funds for Bitcoin in the American market, which led some to believe that her position stems from a traditional view that fundamentally rejects decentralized finance without delving into its operational logic.
So far, the regulatory authority has not issued any official statement regarding these remarks, but the discussion revealed a clear gap between traditional regulatory vision and the innovative aspirations of the crypto community, at a time when developments related to liquidity deposits are accelerating and the likelihood of future regulatory clashes is increasing.
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