More than 40 crypto firms, including major exchanges Coinbase and Kraken, have joined forces to support a new framework aimed at introducing stock market-style disclosures to token markets.
The initiative, known as the Transparency Alliance and organized by Blockworks, brings together leading industry players such as Coinbase, Kraken, Binance.US, and MEXC, along with custodians Anchorage Digital, BitGo, and Copper, and market makers including GSR, FalconX, and Auros.
At the core of the effort is Blockworks’ Token Transparency Framework, which is designed to serve as a standardized benchmark for evaluating digital asset projects. The goal is to improve transparency in a market where investors often lack clear, consistent information about the tokens they are buying.
“When investors purchase a stock, they know what they own. That’s not always the case with tokens,” said Blockworks co-founder Jason Yanowitz, noting that key information in crypto markets is frequently fragmented or unavailable.
Since launching in June 2025, the framework has already been adopted by 44 protocols, including Morpho, Jupiter, Spark, and dYdX.
The framework introduces two types of disclosures: a one-time filing for new token launches, loosely modeled on traditional S-1 registration documents, and an ongoing disclosure system for established projects. These filings cover critical areas such as organizational structure, insider token allocations, agreements with market makers, exchange listing terms, and token buyback programs.
According to Yanowitz, the push reflects a broader shift in the industry as it seeks to attract institutional capital. “Crypto is entering its institutional phase, and token markets need a consistent disclosure infrastructure to support that transition,” he said.
Blockworks has also engaged with regulators, including staff at the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, as part of ongoing discussions around improving transparency and market integrity.
The framework is free to use for issuers and platforms, with Blockworks planning to generate revenue through data, research, and software products built around the ecosystem.
While the initiative aims to improve transparency, it is not designed to eliminate speculation. Memecoins and experimental assets will continue to exist, but the framework seeks to ensure that investors have access to the information needed to make informed decisions.
“It’s not about judging whether a token is good or bad,” Yanowitz said. “It’s about making sure the market has the information it needs.”
Ultimately, the success of the initiative will depend on whether participating firms move beyond endorsement and make disclosures standard practice—particularly in areas where transparency has historically been limited, such as insider allocations, liquidity arrangements, and listing agreements.
“The market should decide what it values,” Yanowitz added, “but it shouldn’t have to do so without visibility.”
