More than 40 crypto firms, including major exchanges Coinbase, Kraken, and Binance.US, have formed the Transparency Alliance to promote standardized, stock-style token disclosures. According to reports from CoinDesk, the alliance was organized by Blockworks and launched Wednesday as part of an effort to bring transparency to digital asset markets where investors often have limited visibility into what they are buying. The founding members include some of the largest exchanges and infrastructure providers in crypto, along with custodians Anchorage Digital, BitGo and Copper; market makers GSR, FalconX and Auros; and other major players in the crypto ecosystem.
The Token Transparency Framework includes two filing types: a one-time disclosure for new token launches, modeled loosely on an S-1 registration filing, and a continuously updated filing for mature protocols. As reported by CoinDesk, both cover critical items such as entity structure, insider token allocations, market maker agreements, exchange listing terms and buyback programs. Since the standard launched in June 2025, 44 protocols have completed Token Transparency Framework filings, including Morpho, Jupiter, Spark and dYdX. The framework is free for issuers and platforms, with Blockworks instead monetizing data, research and software products built around the ecosystem.
According to Blockworks co-founder Jason Yanowitz, the company has discussed the framework with staff at the Securities and Exchange Commission and Commodity Futures Trading Commission. As reported by CoinDesk, Yanowitz stated that "it's clear that regulators want better classification, better disclosure, and more market integrity in crypto." The framework aims to give investors clearer information without judging whether tokens are good or bad investments, with Yanowitz noting that "it's not our job to decide if a token is 'good' or 'bad'" and that there will be tokens that do disclosures and tokens that don't.
The initiative reflects crypto's entry into its institutional phase, as noted by Yanowitz who told CoinDesk that "the exchanges recognize that crypto is entering its institutional phase, and that token markets need a unified disclosure infrastructure to support serious capital flows." The framework is not intended to police speculation, with memecoins and experimental tokens remaining part of crypto culture. However, its long-term impact may depend on whether participating firms move beyond endorsement and normalize disclosures around information investors have historically struggled to obtain, including insider allocations, liquidity arrangements, and listing terms. Yanowitz emphasized that "the market can decide what it values, but it should not have to decide in the dark."
