A new coalition of major crypto exchanges and financial firms is backing a standardized disclosure system for digital assets, hoping to bring some order to what critics say is an opaque market.
Blockworks, a data and software company focused on digital assets, on Wednesday launched the Transparency Alliance. The group includes Coinbase, Kraken, Binance.US, Grayscale, Anchorage Digital, and over a dozen other exchanges, custodians, market makers, and stablecoin issuers. They are publicly endorsing the Token Transparency Framework (TTF), an open-source disclosure standard Blockworks first released in June 2025.
The alliance arrives after roughly a year of development, during which 44 protocols completed filings under the TTF. The company says it aims to push that number past 200 by the end of 2026. Blockworks has also met with staff at the Securities and Exchange Commission and the Commodity Futures Trading Commission as recently as April 2026 to discuss the framework.
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Crypto exchanges back Blockworks transparency push
“Our mission is to build trust in onchain markets,” said Jason Yanowitz, co-founder of Blockworks, in a statement. “The core issue is simple: when investors buy a stock, they understand what they own. When they buy a token, they do not.” The framework, he said, is designed to give token buyers the same kind of material information that stock investors get through corporate filings.
Coinbase’s director of asset listings, Clay Maffett, said the exchange “has long supported stronger disclosure standards” and is “excited to work with others across the industry” to make the TTF a reality. Binance.US CEO Stephen Gregory said the framework “provides straightforward, clear criteria to evaluate crypto assets” and that the alliance supports “market integrity.”
It remains unclear how much weight such voluntary disclosures will carry. Industry self-regulatory efforts in crypto have historically struggled to gain traction, and the TTF itself does not carry the force of law or regulatory backing. Without mandatory enforcement, some analysts question whether filings will be consistent or complete enough to meaningfully reduce information asymmetries.
How the disclosure framework works
The Token Transparency Framework offers two filing types. The B-1 is a one-time filing meant for early-stage and post-launch protocols. The B-2 is a continuously updated filing designed for mature protocols. Both are “classification-agnostic,” meaning they do not predetermine how an asset is treated under securities or commodities laws.
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Each filing generates a Disclosure Score, which measures the completeness of the information provided — not its quality. That distinction is intentional, but it also means a high score doesn’t necessarily signal a trustworthy project, only that the filing is thorough.
Members of the Transparency Alliance include Coinbase, Kraken, Binance.US, Grayscale, Anchorage Digital, MoonPay, BitGo, VanEck, Bitwise, Copper, Jito, Securitize, GSR, FalconX, Auros, Aerodrome, Aave, Ripple, and MEXC. The list also names a handful of venture funds and launch platforms, though Blockworks did not specify exactly which firms fall into each category.
The alliance is structured around the idea that crypto is entering what Yanowitz called an “institutional phase,” and that serious capital flows need a unified disclosure infrastructure. For founders, the B-1 is pitched as a new default for market entry. For exchanges and tokenholders, the filings are meant to be the fastest way to evaluate a project’s integrity.
Voluntary standard faces trust test
Blockworks says the framework is the first open-source disclosure standard for digital assets. It was built to be a standardized way for any project to put material information on the record. The company’s own mission statement describes its work as “building trust in onchain capital markets.”
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Outside of the press release, it’s hard to measure how deeply the TTF has penetrated the market after a year. The 44 completed filings represent a fraction of the thousands of active crypto projects. The goal of 200 filings by year-end, if achieved, would still leave most tokens without any standardized disclosure.
Still, support from large exchanges carries weight. When Coinbase or Kraken list a token, they often require some level of vetting. If those exchanges also demand a TTF filing, it could become a de facto standard. That remains a hypothetical — the alliance is currently just an endorsement, not a mandatory rule.
Blockworks continues to run its own investor relations services, research, events, and data infrastructure alongside the TTF project. The framework documents are publicly available at blockworks.com/token-transparency.