Blockworks formally launched the Transparency Alliance on May 27, 2026. The coalition brings together more than 40 leading crypto firms behind a single goal. Specifically, members want to standardize how token projects disclose material information to the market. Furthermore, the group will drive industry-wide adoption of the Token Transparency Framework, known as TTF. As a result, token investors should soon access the same caliber of disclosures that public equity buyers take for granted.
The full founding collective includes:
— Blockworks (@Blockworks) May 27, 2026
– exchanges
– custodians
– market makers
– stablecoin issuers
– funds
– protocols
– launch platforms
All publicly committed to the Token Transparency Framework. pic.twitter.com/9geubWT7E6
A Founding Cohort That Spans the Industry
The Alliance assembled a founding lineup with reach across every layer of the crypto stack. Each category of member controls a different chokepoint in the token lifecycle. Together, they cover listings, custody, capital allocation, liquidity, and on-chain distribution. The breakdown below groups the heaviest hitters by what they bring to the table.
Exchanges (distribution and listing power)
- Coinbase — largest US-listed crypto exchange
- Kraken — top-tier global exchange on an IPO track
- Binance.US — US arm of the world’s largest exchange
- MEXC — major global venue for new token listings
Asset Managers (institutional capital and ETF rails)
- Grayscale — issuer of GBTC and the largest crypto fund complex
- VanEck — TradFi asset manager with multiple crypto ETFs
- Bitwise — fast-growing crypto-native asset manager
Custodians (institutional flows)
- Anchorage Digital — only federally chartered crypto bank
- BitGo — largest independent crypto custodian by AUM
- Copper — major institutional custodian, strong in EMEA
Market Makers (liquidity gatekeepers)
- GSR — one of the largest crypto market makers globally
- FalconX — top institutional prime broker
- Auros — major algorithmic market maker
Protocols and Issuers (on-chain reach)
- Ripple — arguably the most notable name given its regulatory history
- Aave — largest DeFi lending protocol
- Jito — dominant Solana liquid staking and MEV protocol
- Aerodrome — leading Base-native DEX
- Securitize — leading tokenization platform and BlackRock’s BUIDL issuer
- MoonPay — major retail on-ramp
The most strategically significant names are Coinbase, Kraken, Binance.US, Grayscale, Ripple, and Anchorage. Specifically, they sit at the chokepoints where TTF compliance can actually be enforced on issuers. Consequently, a token project working with any of these counterparties will likely face TTF requirements in due diligence. As a result, the framework gains real teeth rather than living as a voluntary suggestion.
The Problem the Alliance Is Trying to Solve
Token markets currently run on incomplete information for ordinary buyers. Insiders often hold material details that retail and even institutional buyers cannot easily find. For example, insider allocations, market maker agreements, vesting schedules, and buyback programs frequently live in scattered documents. Consequently, retail investors trade against counterparties holding a structural information edge. Blockworks co-founder Jason Yanowitz framed the issue directly. He said, “When investors buy a stock, they understand what they own. When they buy a token, they do not.” Therefore, the Alliance positions disclosure as the foundation for healthier price discovery across crypto.
How the Token Transparency Framework Works
The TTF launched in June 2025 as an open-source disclosure standard for digital assets. Importantly, it provides two filing options that mirror traditional securities practice. The B-1 filing covers token generation events, similar in spirit to an S-1 registration. In contrast, the B-2 filing offers continuously updated disclosures for mature protocols already trading in secondary markets. Each filing covers entity structure, token supply mechanics, insider lockups, market maker arrangements, exchange listing terms, and buyback programs. Additionally, every filing receives a completeness label rather than a quality judgment. As a result, the framework documents what projects have shared without rating whether a token is good or bad. Filings also remain classification-agnostic, meaning the TTF does not pre-determine whether a token qualifies as a security or commodity.
Member Commitments and Real Market Pressure
Alliance members agreed to incorporate TTF filings into their core diligence workflows. In practice, that commitment carries weight because exchanges control listings and custodians control institutional flows. For instance, a project seeking a Coinbase or Kraken listing may now face direct questions about its TTF status. Similarly, asset managers like Grayscale and Bitwise can require completed filings before adding tokens to their products. Market makers can also push the standard into their term sheets with issuers. Together, these pressure points give the framework distribution that a pure media initiative could never achieve on its own.
Regulatory Tailwinds From Washington
The launch arrived against a clear regulatory backdrop. Specifically, Congress continues to advance the CLARITY Act, which would formalize disclosure expectations for digital assets. Meanwhile, Blockworks engaged with staff at the SEC and CFTC throughout the TTF’s development. Yanowitz noted that regulators want better classification, better disclosure, and more market integrity. Consequently, the Alliance positions the industry to set its own standard before federal rules force the issue. In effect, members are signaling that voluntary transparency beats reactive compliance.
Numbers, Targets, and What Comes Next
The TTF currently holds 44 completed filings from protocols including Morpho, Jupiter, Spark, dYdX, ZKsync, Jito, and Aerodrome. By comparison, Blockworks set a target of more than 200 protocols with public disclosures by the end of 2026. Yanowitz tied that ambition to a broader thesis about market maturation. He argues crypto is entering its institutional phase, and serious capital requires serious information standards. Therefore, the next six months will test whether named commitments translate into real listing requirements and product gating. Ultimately, the Alliance’s success will be measured by how many tokens file, not by how many firms sign the launch announcement.
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