A group of five legislators from the United States House of Representatives has asked for information on the diversity and inclusion policies of as many as twenty major corporations in the Web 3.0 and cryptocurrency industries.
U.S. Lawmakers have asked crypto companies to disclose their diversity and inclusion statistics.
A letter signed by Maxine Waters (chairwoman of the House Financial Services Committee), Stephen Lynch (Republican from Massachusetts), Bill Foster (Democrat from California), Al Green (Democrat from Illinois), and Joyce Beatty (Democrat from California) was addressed to cryptocurrency exchanges in the United States on Thursday, requesting information about whether or not the cryptocurrency business is operating in a fair and inclusive manner.
Policymakers have chosen up to 20 companies to send letters, including Sequoia Capital, Haun Ventures, Andreessen Horowitz, Tether, Ripple, Paxos, Kraken, FTX, Crypto.com, Coinbase, Binance.US, and Aave. There is a significant lack of publicly available data, they said, making it difficult to adequately evaluate the largest digital asset organizations and those dealing with investment in the United States.
Transparency, they believed, plays a pivotal role as the first step toward achieving gender and racial fairness. In drafting this request, we considered the inclusion and diversity policies and data of twenty different organizations beginning in January of 2021, as demonstrated by the enclosed sample letter.
Men Prevail in the Financial Technology Sector
The examination appears to be conducted in response to investigations conducted on behalf of the House Financial Services Committee over the past two years, with the declaration that significant effort is still needed to improve inclusion and diversity at prestigious banks and investment firms. The policymakers pressed the businesses for an answer by September 2 of this year. Information collected from the other organizations seemed to corroborate the findings reached by the US policymakers.
By 2020, a report by Digitalundivided showed that Latina and Black women entrepreneurs received less than 1% of all venture capital investments. According to data compiled by Crunchbase, only 0.9% of female fintech startup founders have secured funding from venture capital firms. Jenny Guo, co-founder of Highstreet, has observed that men make up a disproportionate share of the Web3 community, and that there are relatively few spaces geared toward women (a Metaverse-based venue).