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.
Excited to announce we have been selected to join Crypto Rating Council (@CRC_Crypto) as its newest member. We look forward to supporting the growth and maturation of crypto-asset markets with other industry leaders. Read more: https://t.co/niqEfIZMau pic.twitter.com/ZBWXxSMAjg — CrossTower (@crosstower_ex) June 10, 2020
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.
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.
The Crypto Rating Council adds the crypto exchange CrossTower as its newest member https://t.co/NJBGvKc3L2 — Cointelegraph (@Cointelegraph) June 10, 2020
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