Coinbase, Kraken, Binance.US and more than 40 crypto companies on Wednesday launched an industry alliance supporting the disclosure of standardized tokens, an effort to bring stock market-style transparency to digital asset markets where investors often have limited visibility into what they are buying.
The Transparency Alliance, hosted by Blockworks, will use the company’s Token Transparency Framework as a shared benchmark to evaluate 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 know,” 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 submissions since the standard was released in June 2025, including Morpho, Jupiter, Spark, and dYdX.
The framework includes two types of filing: a one-time disclosure for the launch of new tokens, loosely modeled on an S-1 registration filing, and a continually updated filing for mature protocols. Both cover elements such as entity structure, internal token allocations, market making agreements, listing terms, and buyback programs.
“Exchanges recognize that cryptocurrencies are entering their institutional phase and that token markets need a unified disclosure infrastructure to support important 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.
“It is clear that regulators want better classification, better disclosure and greater integrity of the cryptocurrency market,” he added.
The framework is free for issuers and platforms, and Blockworks monetizes data, research, and software products built around the ecosystem.
The initiative is not intended to control speculation. Memecoins and experimental tokens will remain part of crypto culture, Yanowitz argued, but investors still 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 will make disclosures and tokens that will not make disclosures.”
However, its long-term impact may depend on whether participating companies go beyond the endorsement and normalize disclosures around the information that investors have historically struggled most to obtain: insider allocations, liquidity covenants, and listing conditions.
“The market can decide what it values, but it shouldn’t have to decide in the dark,” Yanowitz said.
