Update (1645ET): Senators Brown and Toomey are noit best pleased with Bankman-Fried's refusla to attend their hearing and have just issued the following statement:

"Virtually every CEO, financial regulator, and administration official for Republicans and Democrats has agreed to testify in front of both the Senate and House when called upon – that is how congressional oversight works. We have offered Sam Bankman-Fried two different dates for providing testimony before the Senate Banking, Housing, and Urban Affairs Committee, and are willing to accommodate virtual testimony. He has declined in an unprecedented abdication of accountability," said Senators Brown and Toomey.

"Given that Bankman-Fried's counsel has stated they are unwilling to accept service of a subpoena, we will continue to work to have him appear before the Committee. He owes the American people an explanation."

Forgive us for our ignorance here... but since when do you get to decide if you accept a subpoena... it's punishable as contempt... just ask Steve Bannon?

And just in case the Senators needed a reminder, a Walsh Act subpoena provides a method of compelling testimony or production of evidence from a non-party American citizen or resident who is abroad and thus cannot be compelled through more conventional methods. Because of the flexibility of this statute and its ability to reach American citizens no matter where they are in the world, it is a powerful tool for litigants that should not be overlooked by those embroiled in cross-border litigation.