Crypto's largest exchanges by trading volume have endorsed a common standard for token disclosures, putting a framework built by a single data company at the centre of how the industry vets what investors are buying.
Crypto's Top Exchanges Back a Disclosure Standard Owned by One Firm
28 May 2026 - 10:17 CEST
By Oihyun Kim
The standard is the Token Transparency Framework (TTF), and the vehicle is the Transparency Alliance, unveiled on Wednesday by Blockworks, a digital assets data and software firm. Founding members include Coinbase, Kraken, Binance.US, and MEXC among exchanges; Anchorage Digital, BitGo, and Copper in custody; GSR, FalconX, and Auros in market making; plus Grayscale, VanEck, Bitwise, Ripple, Securitize, MoonPay, and the protocols Aave, Jito, and Aerodrome.
Two filing types
The TTF, first introduced in June 2025, uses two filings: a B-1 one-time disclosure for early-stage projects and a B-2 continuous filing for mature protocols. Each generates a Disclosure Score measuring completeness.
Blockworks said 44 protocols have filed so far, targeting 200 by year-end, and has discussed the framework with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), most recently in April.
Standard or product
The push lands as Congress advances the CLARITY Act, with Blockworks positioning industry self-regulation to shape forthcoming rules. "Critical information is often scattered, incomplete, or unavailable," co-founder Jason Yanowitz said in the announcement. Coinbase has "long supported stronger disclosure standards and market integrity for token markets," said its director of asset listings, Clay Maffett.
Yet the framework predates the alliance by nearly a year, and Blockworks, valued at $192mn in its latest funding round, has rebranded around data and software with the stated aim of becoming to the digital-asset universe what the Morningstar financial services firm and industry benchmark is to traditional finance.
Full membership unconfirmed
The published roster does not name a major stablecoin issuer beyond Ripple, though the cohort is billed as including stablecoin issuers and the list ends with "and more," leaving the full membership unconfirmed. Blockworks did not specify whether issuers such as Tether or Circle had joined, nor whether major market makers or global exchanges outside the named group are participating.
Whether the TTF becomes an industry benchmark or a paid product hinges on regulator endorsement and exchange enforcement. Both are still uncertain.
