Exchanges form Crypto Rating Council, but pre-emptively admit its ratings mean nothing

A set of cryptocurrency firms have banded together to create a “Crypto Rating Council” to help classify digital assets — but it unlikely to mean much. Founded by prominent exchanges like Coinbase, Bittrex, and Kraken, the group aims to rate digital assets from 1 to 5. Those that find themselves on the higher end of the scale are thought to be considered securities in the eyes of regulators. “Whether a crypto asset is a security—as opposed to a currency, a commodity, or something else—may trigger registration, licensing, and other operating obligations for financial services firms that offer digital asset services like exchange, investment management,…

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