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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