On Wednesday, more than 40 cryptocurrency firms, including Coinbase, Kraken, and Binance.US, came together to form an industry alliance aimed at establishing standardized token disclosures. This initiative seeks to introduce stock market-like transparency to the digital asset arena, where investors often face challenges in understanding their purchases.
The newly established Transparency Alliance, coordinated by Blockworks, will utilize the Token Transparency Framework as a unified standard for assessing token projects. Among its founding members are major exchanges and infrastructure providers such as Coinbase, Kraken, Binance.US, and MEXC; custodians like Anchorage Digital, BitGo, and Copper; along with market makers including GSR, FalconX, and Auros.
Jason Yanowitz, co-founder of Blockworks, expressed concern to CoinDesk, stating, “When investors acquire a stock, they know exactly what they own. However, that’s not the case when they purchase a token.” He emphasized that vital information is frequently fragmented, incomplete, or simply unavailable.
Since the launch of the Token Transparency Framework in June 2025, 44 protocols have successfully completed their filings. Some notable names include Morpho, Jupiter, Spark, and dYdX.
The framework outlines two types of filings: a one-time disclosure for new token introductions, which is loosely modeled after an S-1 registration filing, and an ongoing update filing for established protocols. Both types encompass crucial elements like entity structure, insider token distributions, market maker arrangements, exchange listing agreements, and buyback initiatives.