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

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.