Coinbase Crypto Ratings Council has welcomed three new members to its fold. The organization work towards creating a ‘cryptocurrency assessment standard’ that determines whether cryptocurrencies are securities as per U.S. regulations.
The addition of new members to the Coinbase Crypto Ratings Council shows its rising graph as a leading research organization in the crypto realm. The new members include OKCoin US, eToro, and Radar. All will jointly contribute to efforts to determine and optimize the way exchanges security status of a cryptocurrency. The new members will substantially increase the technical prowess and legal acumen of the group.
Coinbase Crypto Ratings Council expansion positive for the crypto industry
CRC members undertake an in-depth review of every rating before it is published. The cryptocurrencies are rated on a scale of one to five. One denotes coins that do not appear to have security characteristics, while a rating of five demonstrates strong security-related credentials. For example, Ethereum Classic has a rating of two under the CRC scale.
The underlying reasons to identify the cryptocurrency’s security credentials are also elaborated in detail by the CRC. This helps invite feedback and also implement refinements to ensure transparency. The refining is based on factual and explicit content. It must be mentioned that the Coinbase Crypto Ratings Council is not associated with the U.S. Securities and Exchange Commission (SEC) and neither are the group’s recommendations considered official SEC stand on the matter. SEC has clarified that Bitcoin and Ethreum are not securities.
CRC 2020 roadmap promises more transparency
In 2020, CRC will reveal how it characterizes various cryptocurrencies to arrive at their security credentials. The framework uses to make such classifications will also be made public. Such public sharing of the framework will further help the industry make strides towards transparency in the crypto realm.
Many current members of the Coinbase Crypto Ratings Council have said that useful discussions around the matter are an ongoing evolutionary process. New members will help bring more finesse to the organization.
Featured Image by Pixabay
