US senators claim that the “tech bro” problem in the crypto business is hindering progress.
The term ‘tech bro’ refers to the notion of predominantly white men running the tech industry where women and people of colour do not get adequate representation. The ramifications of this problem has been haunting the workforce in every sector, and the financial industry at large and the arena of cryptocurrency specifically are no exceptions. Men occupy prominent roles as leaders in the crypto world and this has come under criticism recently. Lawmakers in the United States have raised concerns that a lack of inclusivity and diverse representation will eventually hinder the development of the cryptocurrency field.
The problem arises because people of color and women constitute a lot of the world’s population who are avid users of crypto platforms. The United States House Committee on Financial Services has taken up the matter recently. Through an online hearing, the legislative committee raised awareness on tackling the Tech Bro problem and culture. The lawmakers said that by not employing women and other ethnicities in top visible positions, we are potentially driving away crypto investors and profit.
The big players in the financial tech industry which extends to online banking, payment platforms and crypto companies, aim their products at this non-white non-male audience. A closer look at their workforce however reveals they do not mirror the communities they are seeking to cater to. There are less than 20% female employees in the fintech industry, with only 2% of them being CEOs. An even lesser percentage of these founders include those who are Black or Latinx.
The legal representatives part of the hearing presented that various studies have revealed that prioritizing diversity in a company’s key positions by employing different genders and ethnicities gave progressive results. There is data that backs the fact that such companies are more prone to out of the box invention and more lucrative returns. Such a step is the need of the hour as the crypto realm expands and evolves to assimilate into multicultural setups across the world.