Congresswoman Stansbury critiques crypto bills as a scheme to enrich the wealthy

House Democrats held a press conference on July 17, 2025, urging their colleagues to reject the CLARITY and GENIUS Acts ahead of a crucial floor vote by the U.S. House Committee on Financial Services. The event highlighted concerns over the potential impact of these bills on the American public, particularly regarding wealth inequality.

Representative Melanie Stansbury of New Mexico opened the conference by drawing parallels between historical events in her district and the current legislative landscape. She emphasized that the financial system is "rigged," benefiting the wealthy at the expense of working families. Stansbury criticized recent tax legislation that she claimed disproportionately favors the rich, stating that it would increase wealth inequality by making the wealthy 4% richer while pushing the poor further into poverty.

Stansbury's remarks underscored a broader narrative among Democrats that the proposed crypto-related legislation is part of a scheme to enrich a select few, including former President Donald Trump. She argued that these bills would exacerbate existing economic challenges, such as rising costs for housing and groceries, which she attributed to Trump's policies.

The press conference served as a rallying point for Democrats, who are mobilizing against what they perceive as harmful financial legislation. As the House prepares for the upcoming vote, the implications of these discussions could significantly affect the future of financial regulation and economic equity in the United States.