Blockworks has released the second batch of B-1 filings under its Token Transparency Framework, adding ten new token disclosures to what is quickly becoming the crypto industry’s closest equivalent to traditional securities registration. The framework now includes 100 total disclosures, split between 64 B-1 forms and 36 B-2 filings.
Think of it as crypto’s attempt to build its own version of the S-1, the document companies file before going public on a stock exchange. Except instead of the SEC mandating it, token projects are voluntarily signing up.
What the filings actually cover
B-1 filings are one-time disclosures. They cover the structural basics that any serious investor would want before touching a token: how the token is designed, what entity sits behind it, and what market arrangements are in place. They don’t include ongoing financial updates, which makes them more of a snapshot than a living document.
That said, teams can update their B-1 filings at any time after the initial submission, so the snapshot doesn’t have to go stale.
B-2 filings serve a different purpose. Those are built for more mature protocols and require periodic updates on financial operations. Of the 100 disclosures now on the platform, 36 fall into this category.
The Transparency Alliance and distribution strategy
Blockworks launched the Transparency Alliance in late May 2026 as the organizational backbone for this effort. The alliance serves as the coordinating body that brings token projects into the framework and establishes the standards they’re expected to meet.
Of the 100 disclosures now available, 70 were filed directly by token issuers. Once completed, filings are distributed through Blockworks’ network of institutional investors and analysts.
The framework is also designed to be classification-agnostic, meaning it doesn’t attempt to label tokens as securities, commodities, or anything else.
Why standardized disclosures matter now
The TTF creates a cohesive format that organizes essential data into predictable categories covering tokenomics, governance, and market agreements. When every project structures its disclosures differently, comparing tokens becomes an exercise in detective work — one project might publish detailed tokenomics breakdowns while another buries its vesting schedule in a Discord announcement from 18 months ago.