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Crypto Regulation

Blockworks Urges SEC to Require Token Projects Disclose Market-Maker Deals

Blockworks has asked the SEC to require token projects to disclose market-maker deals and promoter payments as part of its Regulation Crypto Assets rulemaking. In a comment letter, the firm said it wants line items from its own disclosure framework written into the rules, along with a new kind of SEC-recognized filing agent. The proposal targets payments that token issuers make to market makers and promoters.

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AI take

The push matters because market-maker and promoter payments are where token issuance most resembles traditional underwriting, yet they remain largely invisible to buyers. Mandating line-item disclosure would shift the informational burden onto issuers and could expose arrangements that currently sit outside any filing regime. The SEC-recognized filing agent idea is the more structural ask, since it implies a new intermediary role rather than just more paperwork. Whether the SEC folds a private firm's disclosure template into Regulation Crypto Assets, and how it treats that agent category, is the open question.

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