A panel of five lawmakers from the US House of Representatives has requested data on the diversity and integration practices of 20 major crypto and Web3 firms.

- Advertisement -

In Thursday’s notice, House Financial Services Committee Chair Maxine Waters, along with Reps Joyce Beatty, Al Green, Bill Foster and Stephen Lynch. wrote down a letter asking U.S. crypto firms to provide information on “how and if the industry is working to create a fairer environment for all.” The lawmakers sent letters to 20 companies, including Aave, Binance.US, Coinbase, Crypto.com, FTX, Kraken, Paxos, Ripple and Tether, as well as venture capital firms Andreessen Horowitz, Haun Ventures and Sequoia Capital.

- Advertisement -

“There is a paucity of publicly available data to effectively assess diversity among the largest U.S. digital asset companies and investment companies with significant investments in those companies,” the lawmakers said. “We believe transparency is a critical first step towards achieving racial and gender equality.”

- Advertisement -

According to a sample letter from representatives of the House of Representatives requested Diversity and Inclusion data and policies from 20 firms starting January 2021. The request appears to be in response to the 2020 and 2021 investigations by the House Financial Services Committee, which concluded that “much more work remains to be done to increase diversity and inclusion” at large banks and investment firms. Lawmakers have asked companies to respond by September 2.

US Lawmakers Ask About EPA, DOE, Cryptocurrency Emission Monitoring, Energy Consumption

Data from other groups seems to support the conclusions of US lawmakers. Digitalundivided Report 2020 showed Black women and Hispanic entrepreneurs received less than 1% of venture capital investments, and Crunchbase informed that 0.9% of female fintech founders raised venture capital funds.

“Web3 is male-dominated by default, and we don’t see many female-focused brands entering the market right now,” said Jenny Guo, co-founder of Highstreet’s metaverse platform. “But just like in the tech industry, over time, more and more female creatives will join the industry.”