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US lawmakers serves notice to crypto firms about diversity and inclusion information in web3 sectors

Five lawmakers from the US House of Representatives including House Financial Services Committee Chair Maxine Waters have enquired information on the diversity and inclusion strategies of major crypto and web3 firms including venture capitalists by serving a notice on August 4. The information has been sought by September 2. The other four lawmakers in the initiative are Joyce Beatty, Bill Foster, Al Green, and Stephen Lynch. 

Who got a notice from US lawmakers?

They have served notice to 20 prominent corporations dealing with cryptocurrency and Web3 which includes Binance.US, Aave, CoinbaseFTX, Crypto.com, Kraken, Ripple, Paxos, and Tether, venture capitalists Haun Ventures, Andreessen Horowitz, and Sequoia Capital. In the notice, lawmakers have asked for information on how and whether the crypto sector is striving toward a more equal and inclusive environment for everyone. 

What are the concerns?

As per the information, there is a clear absence of publicly available statistics to adequately analyze the diversification among the USA’s major crypto sector organizations including the investment firms that have substantial stakes in these companies. According to lawmakers’ openness are the most important first step toward attaining racial and gender justice

According to a data analysis from 2020, Black women and Latina entrepreneurs obtained less than 1% of venture capital financing, while only 0.9% of female fintech business founders raised venture capital funding. As per the views of Jenny Guo, co-founder of metaverse Highstreet, the web3 sector is dominated by males. However, he hopes that more female creatives will join the profession over time.

Background of the matter

The lawmakers have already sought statistics and policies on diversity and inclusion from these firms in January 2021. The current notice appears to be in reaction to House Financial Services Committee investigations in 2020 and 2021. The House Financial Services Committee stated that there is still more work to be done to encourage diversity and inclusion at big financial institutions and businesses.

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