US Lawmakers Encircles 20 Largest Crypto Firms Seeking Diversity Data

  • US Lawmakers sent letters to 20 crypto companies asking inclusion practices 
  • Maxime Waters leading the team for the process

Crypto Firms Under Inclusion Surveillance 

Lawmakers in the US are profoundly forming a coalition to gather the diversified data and the inclusion practices from the nation’s largest crypto firms. The coalition is led by House Financial Services Committee Chairwoman Maxime Waters, a California democrat. 

Waters is working with a strong team of members including Bill Foster, Stephen Lynch, Joyce Beauty, and Al Green. The team has sent letters to 20 leading crypto firms across the nation requesting them to provide a detailed document on their inclusion practices. This data from the crypto firms will help the lawmakers and the authorities a gist of several questions. It will provide an answer to how and whether the organizations in the industry are working properly towards a more equitable environment or not.

The letter from the House includes a questionnaire asking the crypto firms about their inclusion practices they had in effect last year. However, the questionnaire is still a mystery for the media as it is kept enclosed. 

The US authorities are concerned about the data lack, which could act as a barrier while calculating the diversity among largest digital asset companies, and the investment companies with a significant amount of investment in these companies. 

Lawmakers Listing Down The Crypto Sharks

Lawmakers in the US are targeting Crypto, Web3, and digital asset companies as well as some of the eminent venture capital firms with investments in crypto. Some of the top names in the list, to whom the letters were sent are Aave, Andreessen Horowitz, Circle, Coinbase, Crypto.com, Digital Currency Group, FTX, Gemini, Haun Ventures, Kraken, OpenSea, PancakeSwap, Paradigm, Paxos, Ripple, Sequoia Capital, Stellar Development Foundation, Tether and UniSwap. 

The lawmakers seem pretty intimidating sending the letters to the cryptocurrency firms in the US. Lack of data has surely made a trembling situation for the lawmakers to get to a conclusion point. However, the companies are given a deadline of a month to provide a full-fledged document including all the inclusion practices. The decided date as a deadline in the industry is September 2nd 2022. 

Source: https://www.thecoinrepublic.com/2022/08/05/us-lawmakers-encircles-20-largest-crypto-firms-seeking-diversity-data/