A team comprising 5 policymakers belonging to the United States House of Representatives demanded the data regarding the inclusion as well as diversity practices of up to 20 prominent companies related to Web3 and cryptocurrencies.
Crypto Firms Requested by the US Policymakers to Reveal Data on Inclusion and Diversity
In a notice issued on Thursday, Maxine Waters (the chairman of the House Financial Services Committee) along with Representatives Stephen Lynch, Bill Foster, Al Green, and Joyce Beatty inked a letter in which the crypto venues based in the United States were requested to deliver information dealing with whether and how the crypto industry is operating on an additionally equitable atmosphere for everyone.
Up to 20 firms taking into account Sequoia Capital, Haun Ventures, Andreessen Horowitz, Tether, Ripple, Paxos, Kraken, FTX, Crypto.com, Coinbase, Binance.US, and Aave were selected by the policymakers to send the letters. They stated that there is a considerable deficiency in the openly accessible data to efficiently assess the biggest digital asset firms and those dealing with investment within the United States.
They added to believe that a significant role is played by transparency as the initial step to obtaining gender and racial equity. As per a sample letter, the requested things took into account the policies and data associated with inclusion and diversity from twenty companies commencing in 2021’s January.
Also read:Male Dominate the Fintech Industry
The inquiry appeared to be carried out while responding to the investigations done on the behalf of the House Financial Services Committee in the previous 2 years declaring that there is even now a requirement for considerable work to enhance inclusion and diversity at well-known banks as well as investment companies. The policymakers persuaded the firms to give their answer by 2nd September this year. Data obtained from the rest of the groups appeared to uphold the conclusions made by the policymakers of the United States.
Digitalundivided published a report in 2020, showing that Latina entrepreneurs and Black women got lower than one percent of the investments made in venture capital. Crunchbase’s report discloses that 0.9% of the firm founders (who are female) in the fintech industry gathered funds for several venture capitals. Overall, the males occupy a dominating proportion in Web3 and there is not a great number of the venues focused on females, as mentioned by Jenny Guo – the co-founder of Highstreet (a Metaverse-based venue).
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