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

House Financial Services Committee Chair Maxine Waters told the panel’s Democrats she doesn’t plan to subpoena former FTX CEO Sam Bankman-Fried to testify at a Dec. 13 hearing about the crypto exchange’s rapid demise, according to people with direct knowledge of the conversation.

Waters informed committee members of her decision at a private meeting Tuesday with Securities and Exchange Commission Chair Gary Gensler on Capitol Hill, these people said, declining to be named in order to speak freely about the private discussion.

Waters said she wants committee staff to try to persuade Bankman-Fried to voluntarily testify, those with knowledge of the meeting said. As of late Wednesday, Bankman-Fried has yet to agree to testify before the House committee, two of the people said.