More than 40 crypto firms, including Coinbase, Kraken, and Binance.US, launched the Transparency Alliance on May 27, 2026, committing to adopt Blockworks’ Token Transparency Framework. The framework standardizes token disclosures covering insider allocations, market maker deals, and listing terms, marking the industry’s most coordinated push toward uniform disclosure standards.
The initiative reflects crypto’s shift toward institutional capital. As Jason Yanowitz, Blockworks co-founder, said: “When investors buy a stock, they understand what they own. When they buy a token, they do not. Critical information is often scattered, incomplete, or unavailable.”
Founding members include exchanges Coinbase, Kraken, Binance.US, and MEXC; custodians Anchorage Digital, BitGo, and Copper; and market makers GSR, FalconX, and Auros. Blockworks created the framework and organized the alliance.
Two-Tier Filing Structure
The Token Transparency Framework uses two filing types. New token launches file a one-time disclosure modeled on an S-1 registration statement. Mature protocols file continuously updated disclosures. Both cover entity structure, insider token allocations, market maker agreements, exchange listing terms, and buyback programs.
The framework is free for issuers and platforms. Blockworks monetizes data, research, and software products built around the ecosystem.
As of May 27, 2026, 44 protocols had completed filings under the framework, including Morpho, Jupiter, Spark, and dYdX.
Regulatory Alignment, Not Mandate
Blockworks has discussed the framework with staff at the Securities and Exchange Commission and the Commodity Futures Trading Commission. The initiative does not constitute regulatory endorsement or mandate.
Yanowitz emphasized the framework’s scope: “It’s not our job to decide if a token is ‘good’ or ‘bad.’ There will be tokens that do disclosures and tokens that don’t do disclosures.” He added: “The market can decide what it values, but it should not have to decide in the dark.”
The framework launched in June 2025. Yanowitz noted that regulators are pushing for better standards. “It’s clear that regulators want better classification, better disclosure, and more market integrity in crypto,” he said.
Culture Unchanged
The Transparency Alliance does not police speculation. Memecoins and experimental tokens will remain part of crypto culture, according to the framework’s design.
Yanowitz framed institutional adoption as the core driver: “The exchanges recognize that crypto is entering its institutional phase, and that token markets need a unified disclosure infrastructure to support serious capital flows.”
The framework represents the first coordinated effort by major exchanges, custodians, and market makers to standardize token disclosures at scale. Adoption among the broader market remains to be seen.
