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Amanda Fischer Profile picture
Amanda Fischer
@amandalfischer
financial policy @bettermarkets. Former SEC chief of staff and adviser in the U.S. House and Senate.
Aug 5 • 9 tweets • 2 min read
The SEC's latest crypto giveaway is to bless the same type of rehypothecation that cratered Lehman Brothers - only in crypto it's worse because you can do it without any SEC or Fed oversight.

So what's going on? (thread) Liquid staking lets a customer deposit their crypto in exchange for a synthetic duplicate of the same crypto, but issued by a centralized intermediary. The user can then earn staking rewards on the original token while still playing around in the market with the synthetic crypto.