Coinbase, Kraken, Binance.US and more than 40 crypto firms on Wednesday launched an industry alliance supporting standardized token disclosures, an effort to bring stock market-like transparency to digital asset markets where investors often have limited insight into what they are buying.
The Transparency Alliance, organized by Blockworks, will use the company’s Token Transparency Framework as a common benchmark for evaluating token projects. Founding members include some of the largest exchanges and infrastructure providers in crypto, including Coinbase, Kraken, Binance.US and MEXC; custodians Anchorage Digital, BitGo and Copper; market makers GSR, FalconX and Auros.
“When investors buy a stock, they understand what they own. When they buy a token, they don’t,” Blockworks co-founder Jason Yanowitz told CoinDesk. “Critical information is often scattered, incomplete or unavailable.”
A total of 44 protocols have completed Token Transparency Framework filings since the standard launched in June 2025, including Morpho, Jupiter, Spark and dYdX.
The framework includes two filing types: a one-time filing for new token launches, loosely modeled on an S-1 filing, and a continuously updated filing for mature protocols. Both cover elements such as entity structure, insider token allocations, market maker agreements, IPO terms and buyback programs.
“Exchanges recognize that crypto is entering its institutional phase and that token markets need a unified disclosure infrastructure to support serious capital flows,” Yanowitz said.
Blockworks has also discussed the framework with staff at the Securities and Exchange Commission and the Commodity Futures Trading Commission, Yanowitz said.
“Clearly, regulators want better classification, better disclosure and more market integrity in crypto,” he added.
The framework is free for issuers and platforms, with Blockworks instead monetizing data, research and software products built around the ecosystem.
The initiative is not intended to politicize speculation. Memecoins and experimental tokens will remain part of cryptoculture, Yanowitz argued, but investors should still understand what they’re buying.
“It’s not our job to determine whether a token is ‘good’ or ‘bad,'” Yanowitz said. “There will be tokens that disclose and tokens that do not disclose.”
However, its long-term impact may depend on whether participating firms move beyond approval and normalize disclosures around the information investors have historically fought hardest to obtain: insider allocations, liquidity arrangements and listing terms.
“The market can decide what it values, but it shouldn’t have to decide in the dark,” Yanowitz said.
