Legislators Take Action
A group of five determined lawmakers from the U.S. House of Representatives is turning the spotlight on diversity and inclusion within the cryptocurrency and Web3 sectors. Led by House Financial Services Committee chair, Maxine Waters, this bipartisan bunch isn’t playing around. They’ve dispatched letters to a whopping 20 major firms—including heavyweights like Coinbase and Binance.US—demanding answers on how these companies are fostering a more equitable environment. And if you’re wondering, yes, this is officially a “serious business” moment.
The Request
In their straightforward yet poignant notice, the lawmakers want information that could potentially reshape the industry’s landscape. The letters issued to companies such as Aave, FTX, and Paxos include a request for diversity and inclusion practices that date back to January 2021. Why? Because according to their findings from earlier inquiries, the numbers don’t lie. They emphasize a disheartening trend: a stark underrepresentation of women and minorities in the crypto space.
Verbally Calling for Change
The tone of the letters suggests the urgency of the situation. As noted by the lawmakers, “There is a concerning lack of publicly available data,” making it challenging to gauge diversity across the largest firms in the digital assets realm. They’re rallying for transparency, asserting it’s “the critical, first step” in achieving racial and gender equity. I mean, at least they’re not asking for rocket science here—just some simple data!
Backed by Data
The requests from lawmakers come amidst increasing concern regarding the disparity in funding and representation within the tech ecosystem. For example, a 2020 report from Digitalundivided alarmingly revealed that less than 1% of venture capital investments are going to Black women and Latina entrepreneurs. Crunchbase chimed in with their stats too, reporting a mere 0.9% of female company founders in fintech have raised venture capital funds. Talk about a serious imbalance!
Women in Web3: A Future Full of Hope
Despite the current landscape, there’s hope on the horizon. Jenny Guo, co-founder of Highstreet metaverse platform, voiced optimism for the future of female representation in the space. “By default, Web3 is very much dominated by men,” she observed, “but we do not see many female-focused brands getting into the space right now.” However, she believes it’s only a matter of time before more women creatives start making their mark. Fingers crossed, right?
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