Under a new state regulation, venture capital firms operating in California were supposed to submit demographic data about their portfolio companies, including the gender and race of startup founders they backed. But amid public criticism from some tech leaders, the California agency administering the new requirement suspended it just before the Wednesday deadline for firms to make their first disclosures. “The California Department of Financial Protection and Innovation (DFPI) has announced that it plans to initiate rulemaking in response to comments by various stakeholders relating to the Fair Investment Practices by Venture Capital Companies Law,” the state agency posted on its website in mid-March. “Implementation and enforcement of the [law] will be suspended pending completion of the rulemaking and until final regulations are in place.” California lawmakers first passed the measure in 2023, and it was signed into law shortly thereafter by Governor Gavin Newsom.…