UNEXPECTEDLY! House Financial Services Chair Maxine Waters doesn’t plan to subpoena Sam Bankman-Fried to testify at hearing on FTX collapse.

Bankman-Fried’s fall from grace was swift and unforgiving after spending years as the crypto “darling” on Capitol Hill. He donated almost $40 million toward the 2022 congressional midterm elections, with much of it going to Democrats.

Nishad Singh, who became FTX’s lead engineer in 2019 following a stint at Bankman-Fried’s trading firm Alameda Research, has donated more than $13 million to Democratic Party causes since the start of the 2020 presidential election.

Ryan Salame, the co-CEO of FTX Digital Markets, donated another $23 million, with most of his contributions benefiting Republicans.

So no SBF this month. Starting next month, things could be very different: For the banks, a ‘more hostile GOP.’