Former SEC chief of staff Amanda Fischer slammed the latest SEC guidance on liquid staking, sparking a sharp backlash on social media.

Former US Securities and Exchange Commission (SEC) chief of staff Amanda Fischer$PEPE drew crypto community ire after comparing liquid staking to factors that exacerbated the 2008 global financial crisis.

In a Tuesday staff statement, the SEC stated that it does not consider certain liquid staking activities to be security offerings and, as such, they do not fall under the purview of the agency.

In a post on X, Fischer compared liquid staking activities to the Lehman Brothers’ use of client assets as collateral for the firm’s transactions. The collapse of the investment bank was seen as a climax of the 2008 financial crisis.

“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,” Fischer said.