The U.S. Senate Banking Committee has scheduled a hearing on the “Crypto Crash” on February 14th

The U.S. Senate Committee on Banking, Housing, and Urban Affairs are prepared to investigate the Valentine’s Day crypto market crisis.

Committee chairman Sherrod Brown (D-Ohio) said on Friday that a hearing titled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets” has been planned for February 14 at 10 a.m.

Tim Scott (R-South Carolina), the top Republican on the banking committee, published a statement this week detailing the committee’s legislative goals for the current session of Congress. Scott indicates that building a framework for digital assets is one of his main goals.

“The digital assets market has seen explosive development in recent years, with a rising number of customers engaging with cryptocurrencies. Several high-profile failures resulted in the loss of customer assets, revealed regulatory weaknesses, and brought attention to illicit financing problems. The Committee should work to establish a bipartisan regulatory framework going ahead.”

On December 14, the Senate Banking Committee convened a hearing to explore the demise of the defunct cryptocurrency exchange FTX.

Brown has previously referred to the cryptocurrency market as a “complex, uncontrolled pot of money” and suggested that its problems transcend FTX.

“I’ve spent the better part of the past eight and a half years in my position as head of the Banking, Housing, and Urban Affairs Committee teaching my colleagues and attempting to educate the public about crypto and the threats it poses to national security and consumers who are deceived by it.”

Also Read: Self-Proclaimed Bitcoin Founder Called XRP Devotees A “Cultist Army” And Ripple A Fake