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Crypto’s biggest exchanges back push for token disclosure standards as industry courts institutional capitalMarkets

What to know:

  • More than 40 crypto firms, including Coinbase, Kraken and Binance.US, have formed the Transparency Alliance to promote standardized, stock-style token disclosures.
  • The group will use Blockworks’ Token Transparency Framework, which offers both one-time and continuously updated filings covering insider allocations, market maker deals, listing terms and other key data.
  • The framework, which is free for issuers and has already been used by 44 protocols, has drawn interest from U.S. regulators and aims to give investors clearer information without judging whether tokens are good or bad investments.

Coinbase, Kraken, Binance.US, and over 40 other cryptocurrency companies have joined forces to create a new industry group. Their goal is to establish clear, standard disclosures for digital tokens – essentially bringing the same level of transparency to the crypto market that stock investors currently enjoy. Currently, it can be difficult for people buying crypto to fully understand what they’re investing in.

Blockworks is launching the Transparency Alliance, a group that will use its Token Transparency Framework to assess crypto projects. The Alliance’s initial members are major players in the crypto space, including exchanges like Coinbase, Kraken, and Binance.US, as well as custodians such as Anchorage Digital, BitGo, and Copper, and market makers like GSR, FalconX, and Auros.

According to Blockworks co-founder Jason Yanowitz, investors generally know exactly what they’re getting when they buy stock. However, with tokens, it’s often unclear what you’re actually purchasing, as important details are frequently missing, fragmented, or simply not accessible, he told CoinDesk.

Since the Token Transparency Framework was introduced in June 2025, 44 different projects—including Morpho, Jupiter, Spark, and dYdX—have submitted the required information.

The system has two kinds of submissions. New token launches require a one-time disclosure, similar to an initial S-1 filing. Established projects submit ongoing updates. Both types of submissions detail information like the project’s organization, how tokens are distributed to insiders, agreements with market makers, terms for listing on exchanges, and any buyback plans.

Yanowitz explained that cryptocurrency is now attracting more institutional investors, and for that to continue, the market needs a standard way to share important information about tokens to support larger investments.

Yanowitz mentioned that Blockworks has shared this framework with officials at both the Securities and Exchange Commission and the Commodity Futures Trading Commission.

He explained that regulators are pushing for clearer categories for crypto assets, more transparency about them, and a more trustworthy market overall.

The framework itself is available at no cost to those issuing assets or using the platform. Blockworks generates revenue by selling data, research, and software related to the system.

This project isn’t about controlling or stopping risky investments. Yanowitz believes meme coins and new, untested tokens will continue to be a part of the crypto world, but it’s important for people to know what they’re investing in.

Yanowitz explained that they don’t evaluate whether a cryptocurrency token is inherently good or bad. Instead, some tokens will be transparent with their information, while others won’t.

Ultimately, whether this truly makes a difference will depend on if companies go beyond simply supporting the idea and actually start routinely sharing details investors have always found difficult to get – things like how insiders get shares, agreements about selling stock, and the terms for being listed on an exchange.

Yanowitz believes the market should have access to clear information when determining value, rather than operating with a lack of transparency.

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2026-05-27 17:23