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The Crypto Rating Council (CRC), an organization launched last October, has welcomed eToro, Radar and OKCoin as new members.
Last year, Coinbase, along with Anchorage, Bittrex, Circle, DRW Cumberland, Genesis, Grayscale Investments, and Kraken, formed the CRC to help traders comply with U.S. federal securities laws.
"OKCoin, RADAR, and eToro join eight other industry leaders in the CRC’s continuing mission to provide a more systematic U.S. securities law analytical framework for crypto assets. CRC members are committed to the responsible growth and maturation of crypto asset markets and share a belief that practical compliance tools can accelerate the growth of our industry," the CRC said in an online post.
Juan Suarez, VP and general counsel at Coinbase who is also working with the CRC, told CoinDesk that the new members will boost the legal and technical information that the organization can utilize.
He revealed that the ratings are reviewed by every CRC member before made public, adding that each asset is listed by at least one group. The assets are rated on a scale of 1 to 5 with 1 meaning that the asset has few or no characteristics consistent with treatment as a security under U.S. laws.
On Thursday, five new assets were rated. Both cosmos (ATOM) and livepeer (LPT) received a score of 3.75, ethereum classic (ETC) scored 2 while dash (DASH) and horizen (ZEN) were rated 1.
"We have also revised the summaries of each published rating to provide more specific statements of facts, as we understand them, relevant to the CRC’s analysis for each asset. These facts are meant to provide a general overview of the crypto asset and associated project," the CRC said.
The CRC has been criticized for the lack of transparency when it comes to how they evaluate the assets. Suarez guarantees that they are working on it.
“We’re going to release the framework in the hopes that it creates a useful discussion for the industry and we’re going to recruit more members,” he continued. “We just want to make sure we release the best and final work product possible.”
Suarez added that they want to make sure that their evaluation process is scalable and easy to use by the legal teams at exchanges.
