Today’s House Financial Services Committee hearing on the collapse of
the FTX cryptocurrency exchange will go on as scheduled without its star
witness: Former CEO Sam Bankman-Fried, who was arrested in the Bahamas
on Monday at the behest of U.S. prosecutors who have secured indictments
on a range of fraud charges. National political correspondent Ben
Schreckinger stops by to share to what to expect.

Panel chair Maxine Waters said in a statement Monday night she still
wants to hear from Bankman-Fried, saying “the American public deserves
to hear directly … about the actions that’ve harmed over one million
people, and wiped out the hard-earned life savings of so many.” Current
FTX CEO John Ray III, a cleanup expert known for his work at Enron after
its 2002 collapse, will testify as planned. 

“The public has been waiting eagerly to get these answers under oath
before Congress, and the timing of this arrest denies the public this
opportunity,” Waters added. “While I am disappointed that we will not be
able to hear from Mr. Bankman-Fried tomorrow, we remain committed to
getting to the bottom of what happened.” More from NYT

And House Appropriations Chair Rosa DeLauro is the biggest remaining
obstacle to a huge government spending compromise that congressional
leaders are circling, Caitlin Emma, Sarah Ferris and Burgess Everett
report. Time is running short, but DeLauro said she’s “optimistic we can
get to yes.” The Senate appropriations leaders have closed the $26
billion gap between Democrats’ and Republicans’ proposals, but “they’ve
so far been unable to win DeLauro’s buy-in.” 

— Meanwhile, Congress has to pass a stopgap funding bill this week to
avoid a shutdown and buy more time to negotiate the long-term deal. More
from the WSJ

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