Coinbase, Kraken, Binance.US and more than 40 crypto companies on Wednesday launched an industry alliance to support standardized token disclosure. This is an effort to bring stock market-like transparency to digital asset markets, where investors often have limited visibility into what they are buying.
The Transparency Alliance, organized by Blockworks, uses its Token Transparency Framework as a shared benchmark for evaluating token projects. Founding members include some of the largest exchanges and infrastructure providers in cryptocurrencies, including Coinbase, Kraken, Binance.US, and MEXC. The administrators are Anchorage Digital, BitGo, and Copper. Market makers GSR, FalconX, Auros.
“When investors buy stocks, they understand what they own. But when they buy tokens, they don’t understand,” Blockworks co-founder Jason Yanowitz told CoinDesk. “Important information is often scattered, incomplete, or unavailable.”
Since the standard was announced in June 2025, a total of 44 protocols have completed applications for the Token Transparency Framework, including Morpho, Jupiter, Spark, and dYdX.
This framework includes two application types. One is a one-time disclosure for new token launches, loosely modeled after an S-1 registration application, and the other is a continuously updated application for mature protocols. Both cover items such as entity structure, insider token allocation, market maker agreements, exchange listing conditions, and buyback programs.
“Exchanges recognize that cryptocurrencies are entering the institutionalization stage and that token markets require an integrated disclosure infrastructure to support serious capital flows,” Yanowitz said.
Yanowitz said Blockworks is also discussing the framework with staff at the Securities and Exchange Commission and the Commodity Futures Trading Commission.
“It is clear that regulators want better classification of cryptocurrencies, better disclosure, and improved market integrity,” he added.
The framework is free to publishers and platforms, and in return Blockworks monetizes the data, research, and software products built around the ecosystem.
This initiative is not intended to crack down on speculation. Yanowitz argued that meme coins and experimental tokens will continue to be part of cryptocurrency culture, but that investors need to understand what they are buying.
“It’s not our job to decide whether a token is ‘good’ or ‘bad,'” Yanowitz said. “There will be tokens that do disclosure and tokens that don’t.”
But its long-term impact may depend on whether participating companies go beyond approval and normalize disclosures about information that investors have historically had the hardest time obtaining: insider allocations, liquidity agreements, listing conditions.
“The market can decide what it values, but it doesn’t have to decide in the dark,” Yanowitz said.
