A group of five U.S. House of Representatives lawmakers requested data on the diversity and inclusion practices of 20 major companies dealing with cryptocurrencies and Web3.
In a Thursday notice, House Financial Services Committee Chair Maxine Waters, along with Representatives Joyce Beatty, Al Green, Bill Foster and Stephen Lynch writing a letter asking the United States crypto companies provide information on “how and if the industry is working towards a fairer environment 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 capitalists Andreessen HorowitzHaun Ventures and Sequoia Capital.
“There is a disturbing lack of publicly available data to effectively assess diversity among America’s largest digital asset companies and the investment firms with significant investments in those companies,” the lawmakers said. “We believe that transparency is an essential first step in achieving racial and gender equity.”
#RELEASE: President @RepMaxineWatersRepresentatives @RepBeatty, @RepAlGreen, @RepBillFoster and @RepStephenLynch Send a letter to the digital asset industry #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 model letter, the representatives of the Chamber demand diversity and inclusion data and policies of the 20 companies as of January 2021. The survey appeared to be done in response to inquiries by the House Financial Services Committee in 2020 and 2021 which concluded “there is still a lot of work to be done to increase diversity and inclusion” in major banks and investment firms. Lawmakers have asked companies to respond by September 2.
Data from other groups appeared to support the findings of US lawmakers. A 2020 report from Digitalundivided show Black women and Latino entrepreneurs received less than 1% of venture capital investments, and Crunchbase reported that 0.9% of women founders of fintech companies have raised venture capital funds.
“By default, Web3 is very male-dominated, and we’re not seeing a lot of female-focused brands entering the space right now,” said Jenny Guo, co-founder of the metaverse platform Highstreet. “But, like in the tech industry, more and more creative women will join the industry over time.”