Tuesday, November 28, 2023

Colored crypto inventors are constrained by restrictions designed to protect them.

Throughout history, people of color – brown and black – have had a hard time accessing opportunities to build wealth. It seemed like the introduction of cryptocurrency would change this imbalance. It doesn’t seem to be much different though. Regulations and laws related to crypto and blockchain seem to be hindering opportunities yet again. This means that colored communities are not able to take chances to invest.

An infrastructure bill enacted in the US recently seems to have language that unintentionally contributed to this problem. Broad language with relation to tax reporting has language directed at the broker sector. The term is ambiguous and applies even to those who don’t work in the field. It affects developers and crypto miners, and the effect is inequitable for innovators of color in the blockchain sphere.

Cleve Mesidor of the NPNWCB (National Policy Network of Women of Color in Blockchain) says that the language clearly indicates an assumption that miners were white and privileged. There are people from all walks of life who are actively contributing to blockchain. People who are developing the required hardware, software and wallet technology are getting cut out. Only the little people are excluded. This opinion was seconded by a cybersecurity expert as well, because of the language used in formulating legislation.

Mesidor hopes that the notion that blockchain innovators are mostly white will be dispelled. It is not that this segment of white and male innovators has unlimited amounts of money and access to power. She hopes that clarity by federal regulators with the legislation’s language will happen soon and level the playing field for all communities.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

Most Popular