Congresswoman Garcia condemns Trump's crypto schemes as modern teapot dome scandal

House Democrats held a press conference on July 17, 2025, urging their colleagues to oppose the CLARITY and GENIUS Acts ahead of a scheduled vote by the U.S. House Committee on Financial Services. The meeting focused on concerns regarding potential corruption and consumer protection in the cryptocurrency sector.

During the conference, a prominent speaker criticized former President Trump, alleging that he has exploited his presidency for personal financial gain, particularly through cryptocurrency ventures. The speaker likened Trump's actions to the historical Teapot Dome scandal, asserting that this situation represents a significant betrayal of public trust. The speaker emphasized the need for regulations and consumer protections in the rapidly evolving tech landscape, stating that while innovation is welcomed, it must be accompanied by appropriate safeguards.

Another congressman, Sylvia Garcia from Texas, echoed these sentiments, reinforcing the call for legislative measures that would prevent any potential misuse of power for personal profit. The overarching message from the press conference was a firm stance against the proposed acts, with Democrats vowing to fight against what they perceive as a corrupt agenda that could harm American consumers.

The press conference highlighted the urgency of the issue as the committee vote approaches, with Democrats rallying to ensure that any legislation related to cryptocurrency includes necessary protections for the public.