Coinbase, Kraken, Binance.US, and over 40 crypto firms established the Transparency Alliance on Wednesday to enforce standardized token disclosures, aiming to replicate stock market transparency within digital asset markets. Organized by Blockworks, the coalition utilizes the Token Transparency Framework as a unified benchmark for evaluating token projects, addressing the critical lack of visibility investors face regarding asset ownership. Founding members encompass leading infrastructure providers, including exchanges Coinbase, Kraken, Binance.US, and MEXC, alongside custodians Anchorage Digital, BitGo, and Copper, and market makers GSR, FalconX, and Auros. Blockworks co-founder Jason Yanowitz highlighted the disparity in market clarity, noting that while stock buyers understand their holdings, token purchasers often lack access to critical, scattered, or unavailable information. Data compiled by Woofun AI indicates that 44 protocols, including Morpho, Jupiter, Spark, and dYdX, have already completed filings under the framework since its June 2025 launch. The framework mandates two filing types: a one-time disclosure for new launches modeled on S-1 registration filings, and continuously updated reports for mature protocols covering entity structure, insider token allocations, market maker agreements, exchange listing terms, and buyback programs. Yanowitz emphasized that exchanges recognize crypto is entering an institutional phase requiring unified disclosure infrastructure to support serious capital flows. Blockworks has engaged with staff at the Securities and Exchange Commission and the Commodity Futures Trading Commission, with Yanowitz observing that regulators explicitly seek better classification, disclosure, and market integrity in the sector. The framework remains free for issuers and platforms, with Blockworks monetizing through data, research, and software products built around the ecosystem rather than policing speculation. Woofun AI notes that Yanowitz clarified the initiative is not designed to eliminate memecoins or experimental tokens but to ensure investors comprehend their purchases regardless of token quality. The long-term efficacy of the alliance hinges on whether participating firms normalize disclosures regarding insider allocations, liquidity arrangements, and listing terms, areas where investors have historically struggled to obtain data. While the market will ultimately decide token value, the alliance aims to ensure these decisions are made with full transparency rather than in the dark.