A group of five lawmakers from the United States House of Representatives have requested data on the diversity and inclusion practices of 20 major companies dealing with cryptocurrencies and Web3.
In an advisory Thursday, House Financial Services Committee Chairwoman Maxine Waters, along with Representatives Joyce Beatty, Al Green, Bill Foster, and Stephen Lynch wrote a letter requesting US-based crypto firms to be friendly. for all.” Lawmakers sent letters to 20 companies, including Aave, Binance.US, Coinbase, Crypto.com, FTX, Kraken, Paxos, Ripple, and Tether, as well as venture capital firms Andreessen Horowitz.Haun Ventures and Sequoia Capital.
“There is a worrying lack of publicly available data to effectively assess diversity among America’s largest digital asset companies and investment firms with significant investments in these companies,” the lawmakers said. “We believe that transparency is a critical first step in achieving racial and gender equity.”
#RELEASE: Chairwoman @RepMaxineWatersrepresentatives @RepBeatty, @RepAlGreen, @RepBillFoster Y @RepStephenLynch Send letter to the digital asset industry requesting #Diversity and inclusion Data | https://t.co/jJCkRqofSE pic.twitter.com/XzPJBhCNuf
— US House Committee on Financial Services (@FSCDems) August 5, 2022
According to a sample letter, House representatives requested diversity and inclusion data and policies from the 20 companies beginning in January 2021. The inquiry appeared to have been made in response to investigations by the House Financial Services Committee in 2020. and 2021 which concluded that “there is still much work to be done to increase diversity and inclusion” at major banks and investment firms. The lawmakers asked the companies to respond by September 2.
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Data from other groups seemed to support the US lawmakers’ conclusions. A 2020 report from Digitalundivided showed that Black women and Latina entrepreneurs received less than 1% of venture capital investments, and Crunchbase reported that 0.9% of female fintech founders raised venture capital funds.
“By default, Web3 is largely male-dominated, and we don’t see a lot of female-focused brands entering the space right now,” said Jenny Guo, co-founder of metaverse platform Highstreet. “But just like in the tech industry, more and more creative women will join the industry over time.”