[KAST Terms of Service Spark Controversy, ether.fi CEO Questions User Asset Ownership] ether.fi founder and CEO Mike Silagadze has raised concerns about the terms of service of the stablecoin payment and crypto card platform KAST. The terms explicitly state that when users transfer cryptocurrency or stablecoins to KAST, it is considered a sale of the relevant virtual assets to KAST, and users no longer retain ownership of the assets. The amounts displayed within the app are merely ledger records denominated in USD and do not constitute account balances, deposits, or stored monetary value. Furthermore, KAST emphasizes that it is not a bank, and user funds are not protected by deposit insurance. Since KAST and ether.fi Cash both offer stablecoin payment and crypto card services, the two are in direct competition.