More than 40 crypto firms, including rival exchanges Coinbase, Kraken, and Binance.US, have launched the Transparency Alliance, an industry alliance backing standardized token disclosures. Organized by Blockworks, the alliance uses the Token Transparency Framework as a shared benchmark for evaluating token projects. The framework, which debuted in June 2025, includes one-time disclosures for new token launches and continuously updated filings for mature protocols, covering entity structure, insider allocations, market maker agreements, exchange listing terms, and buyback programs. A total of 44 protocols have completed filings, including Morpho, Jupiter, Spark, and dYdX. The initiative is free for issuers and platforms, with Blockworks monetizing data and research products. The goal is to bring stock market-style transparency to digital asset markets, where investors often lack visibility into what they buy. The framework aims to support institutional capital flows and has been discussed with SEC and CFTC staff. The long-term impact depends on whether firms normalize disclosures around historically opaque information like insider allocations and liquidity arrangements.

Key facts

• Over 40 firms including Coinbase, Kraken, Binance.US back Transparency Alliance.
• Blockworks-led framework standardizes token disclosures like stock market filings.
• 44 protocols completed filings since June 2025, including Morpho and Jupiter.
• Framework covers insider allocations, market maker deals, and listing terms.
• Free for issuers; Blockworks monetizes data and research products.

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