During a Senate Banking Committee hearing, Senator Cynthia Lummis expressed disappointment that former crypto-friendly Signature Bank executive, Scott Shay, was not taking responsibility for the bank's failure and instead blaming digital asset depositors and regulators. Shay had noted the volatility of digital assets and regulators' concerns in prepared testimony, but Lummis pointed out that he had mentioned digital assets 10 times, implying they were a cause of the bank's collapse. Some crypto advocates on Twitter have blamed the government for intentionally targeting the crypto sector with bank closures, but NYDFS Superintendent Adrienne Harris pushed back on that sentiment, calling it "ludicrous." Signature Bank failed in March, one of three banks to fail within days of each other.