Posted 1 year ago | by Ben Armstrong
Crypto Rating Council’s (CRC) Rank on IOTA, BAT, and USDC Updated
The Crypto Rating Council, or CRC, is backed by Coinbase and includes some major crypto firms from the United States which supports and promote regulatory clarity in cryptos. The CRC has evaluated several new cryptocurrencies to determine their ability to be considered securities.
The CRC released a rating list in an April 2 blog post which studied three cryptocurrencies including Basic Attention Token (BAT), USDCoin (USDC), and Iota (IOTA).
Also, the CRC noted that it periodically reviews previously published scores based on new developments and the understanding of available facts. The CRC had an updated score for Maker (MKR) and Polymath (POLY) as well.
The CRC Has New Info
CRC lists a rank of digital assets from 1 to 5 points. The CRC’s analysis is not confirmed by developer teams, regulators, or any other third party, which makes its value very questionable in a market that is highly unregulated.
According to the CRC’s asset ratings, IOTA’s token is scored a 2.00 and may not be viewed as a security. IOTA is one of the top-30 cryptocurrencies by market capitalization. IOTA, through a subsequent blog post, also highlighted that the rating will help it gain more credibility in the U.S. Market:
“With our Crypto Ratings Council rating, we believe the US market and CRC’s partner organizations will feel more comfortable and confident engaging with the IOTA token and protocol.”
Meanwhile, Basic Attention Token, an Ethereum token supports digital advertising platform founded on Brave’s blockchain, also scored a 2.00.
A Curious Market
On the other hand, a stablecoin project backed by major crypto companies like Coinbase and Circle, named USDCoin, is ranked at 1.00. This means the token may not be considered a security. Another US dollar-pegged stablecoin project called Dai (DAI) scored an identical 1.00.
The CRC was launched in September 2019 and is a collaboration of major crypto firms which include popular US crypto exchanges and wallet services including Coinbase, Kraken, Bittrex, and others.
The CRC's ratings are widely circulated, but many industry experts feel that its determinations will not impact the official opinions of securities regulators.
XRP, the third biggest cryptocurrency by market cap, is still scored 4.00 by the council though it is facing a long-running lawsuit that claims that the coin is a security. The CRC thinks that XRP will be considered a security.