Crypto Rating Council evaluates different cryptocurrencies on different aspects, including whether they should be classified as securities or not. The council was formed in September last year, and it is backed by major crypto firms based in the United States, including Coinbase and Kraken. The Crypto Rating Council (1) recently evaluated IOTA, Brave’s Basic Attention Token (BAT), and the USDC stablecoin over whether they should be classified as securities.
Crypto Rating Council releases rating scores for IOTA, BAT, and USDC
The Crypto Rating Council released rating scores for IOTA, USDC, and BAT on April 2. The CRC rates coins on a scale of 1 to 5, a lower score indicates fewer characteristics of a cryptocurrency that match with traditional security. BAT received a rating of 2.00, with the council highlighting it’s utility as fully open-sourced and supporting the development and use of the Brave Browser. IOTA and USDC stablecoin scored 2.00 and 1.00, respectively. With a 2.00 rating, IOTA is unlikely to be perceived as security. USDC is backed by Coinbase and Circle.
The council promotes regulatory clarity in the crypto industry
The CRC was formed with the aim to promote regulatory clarity in the crypto industry by evaluating different cryptocurrencies on various aspects. Even though CRC’s determinations would not have any official impact on the opinions of regulators such as the Securities & Exchange Commission (SEC), it will help investors by providing insight on the state of crypto-assets. According to the CRC’s report, in the coming months, the council is expected to release its analytical framework and publish additional asset scores.
The Crypto Rating Council also noted that its analysis is it’s own and is not endorsed by developer teams, regulators, or any other third party. The CRC periodically reviews earlier published scores based on new developments and its understanding of available facts and updates ratings.