According to some United States lawmakers in the House Financial Services Committee, the lack of diversity in the financial technology space could be hurting many companies’ bottom lines.
In a Thursday virtual hearing on “Combatting Tech Bro Culture,” U.S. lawmakers and witnesses discussed how women and people of color were underrepresented in leadership positions in the financial technology industry, including crypto firms. Massachusetts Representative Stephen Lynch cited data that only 2% of venture capital funding went to firms in which the founders were women, while only 1% went to those with black founders, and 1.8% for Latinx.
According to Lynch and some on the committee, this trend suggested an “old boys club” culture in companies including those involved with cryptocurrencies, in which many of those in leadership positions were white men. They claimed that many firms seemingly less deserving of funding were able to bring in money more easily due in part to relationships...
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