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U.S. lawmakers say the crypto industry has a problem of “engineers” that undermine innovation

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According to some US lawmakers on the House Financial Services Committee, the lack of diversity in the field of financial technology can hurt the profits of many companies.

In a virtual hearing on Combatting Tech Bro Culture on Thursday, US legislators and witnesses discussed how women and colored races are undervalued in leadership positions in the financial technology industry, including crypto companies. Massachusetts Rep. Stephen Lynch said that only 2% of venture capital funding goes to companies whose founders are women, only 1% goes to companies with black founders, and 1.8% is Latin. I quoted the data that it was directed to a company.

According to Lynch and some of the Commission, this trend suggests a culture of corporate old boys clubs, including those involved in cryptocurrencies, with many of the leaders being white men. They argued that many companies that seemed unworthy of funding could have raised funding more easily, partly because of the relationship between leadership.

Lack of diversity is a trend in almost every industry in which venture capitalists invest, but it’s especially tricky in the fintech space, Lynch said. The largest fintechs, including digital banks, payment processors and cryptocurrency providers, actually sell their products to women and people of color. However, looking at the founders and leadership teams does not clearly reflect the communities they claim to serve.

Congressman Stephen Lynch addressing the House Financial Services Commission

Companies with diverse leadership, especially those with multiple genders and races, can be ethically representative, more innovative, and make more money, according to studies, the California State Representative. Congressman Maxine Waters said. I think venture capital is profit-oriented, but it seems to ignore clear data on how to make a profit.

Related: Color crypto innovators restricted by rules aimed at protecting them

Lynch cited the recent crisis on the cryptocurrency lending platform Celsius, whose leadership team is primarily composed of men, as an example of VC money.

Venture capital firms continue to bet on poor investments like cryptocurrency companies like Celsius, which recently frozen all customer deposits, while with women with well-thought-out, substantive business plans. The founder of the color remains in the waiting room.

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