CrossTower Joins CRC As Its Newest Member
CrossTower Joins CRC As Its Newest Member
June 11, 2020
CrossTower Joins CRC As Its Newest Member
CrossTower Joins CRC As Its Newest Member
June 11, 2020

CrossTower, the New York-based cryptocurrency exchange, has joined Crypto Rating Council (CRC) as the council’s newest member along with 11 other industry companies.

On June 10, it has been reported in an announcement that the CRC was pleased to select CrossTower to join the group.

Their existing membership includes:

  • Coinbase
  • Cumberland
  • Anchorage
  • Genesis Global Trading

However, the CRC stated that its mission is to provide a “more systematic” US securities law analytical framework for crypto assets, promoting regulatory clarity in the industry.

As per the report, rankings configured by the CRC attempt to rate crypto assets involved in legal framework compliance in the US.

It has been analyzed that the lowest CRC score of 1 indicates an asset with few or no characteristics of a security. In contrast, a score of 5 indicates characteristics strongly consistent with treatment under US securities law.

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Kristin Boggiano, the co-founder of CrossTower, said:

“We are honored to have been selected to join the CRC and look forward to increasing visibility, promoting standards, and contributing to the safe and orderly growth of the digital asset industry.”

The announcement also stated that since the ranking scheme’s launch and the initial publication of 20 asset scores last fall, the crypto exchange has made ”steady progress engaging the developer community” by recruiting industry members and producing additional asset scores.

Thus, CrossTower claimed that it plans to introduce additional assets and services “later this year,” which will be part of CRC oversight as well, aside from currently offering five of the most widely traded currencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC)USDC, Bitcoin Cash (BCH), and Zcash (ZEC).

Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.