Crypto’s biggest exchanges back push for token disclosure standards as industry courts institutional capital

More than 40 crypto firms, including Coinbase, Kraken and Binance.US, formed the Transparency Alliance to adopt Blockworks’ Token Transparency Framework, a free, stock-style disclosure standard for tokens. The framework — which has produced 44 protocol filings since its June 2025 launch — offers one-time and continuously updated disclosures covering insider allocations, market-maker deals, listing terms and other items. Backing from major exchanges, custodians and market makers aims to reduce information asymmetry, draw institutional capital, and has already attracted interest from SEC and CFTC staff. If adoption broadens beyond endorsements, the move could lift institutional participation and improve price discovery in token markets; its market impact will depend on how widely firms normalize the disclosures and whether regulators or counterparties begin to prefer compliant tokens.