The crypto currency exchange, CrossTower, now part of the Crypto Rating Council, or CRC, joins as the newest member of the council, along with 11 other companies in the industry.
According to the June 10 announcement, the CRC was pleased to select the New York-based company to join the group, among its existing members: Coinbase, Cumberland, Anchorage and Genesis Global Trading.
The CRC states that its mission is to provide a „More Systematic“ U.S. securities law analytical framework for cryptoactives, promoting regulatory clarity in the industry,
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The classifications configured by the CRC, attempt to qualify the cryptoactives involved in compliance with the legal framework of the United States.
The lowest CRC score will be 1, indicating that an asset has few or no security features, compared to a score of 5 indicating features very consistent with compliance with the U.S. securities law.
Kristin Boggiano, co-founder of CrossTower, said the following after the announcement:
„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.
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CrossTower’s reason for joining the CRC
The announcement also states that since the launch of the rating scheme and the initial release of 20 asset scores last fall, the cryptomoney exchange has made „steady progress in engaging the developer community,“ recruiting industry members and producing additional asset scores.
In addition to currently offering five of the world’s top-ranked currencies, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USDCoin (USDC), Bitcoin Cash (BCH) and Zcash (ZEC), the New York-based crypto exchange said it plans to introduce more assets and additional services „later this year“ that will be overseen by CRC as well.
On April 2, the CRC published an introduction to the ratings of three new crypto currencies, including the Basic Attention Token (BAT), USDCoin (USDC) and Iota (IOTA).