# Ripple Legal Chief Urges Clearer Promises for Crypto Offerings By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/40395 Published: 2026-10-25T03:39:41.000Z Updated: 2026-10-25T03:39:41.000Z Section: Regulation > Half of 401 recent token-offering buyers in a survey said they lost money to hacks, abandoned projects or fraud. Ripple Chief Legal Officer Stuart Alderoty urged crypto issuers to spell out what buyers are promised and who must deliver it, as survey respondents cited losses tied to hacks, abandoned projects and fraud. “Investors deserve to know what’s promised before they buy and who’s accountable,” Alderoty wrote on X. He is also president of the National Cryptocurrency Association (NCA). An online Harris Poll commissioned by NCA surveyed 1,004 U.S. crypto holders from Oct. 5-9. Among respondents, 401 said they had participated in an offering for a new token during the preceding year. Half of those buyers said they lost money during that year to hacks, abandoned projects or fraud. Responses were self-reported. In the same survey, 48% of holders said they were very or extremely confident that available information was sufficient to make informed decisions about new offerings. Eighty percent said standardized offering information would help them make a more informed decision. The SEC proposal covers certain investment contracts involving crypto assets; it would not exempt every token sale. One exemption would allow some covered offerings of up to $5 million over four years. A separate fundraising exemption would set limits of $20 million for Tier 1 and $75 million for Tier 2 in each 12-month period. The proposal includes disclosure requirements, and issuers using the fundraising exemption would face ongoing reporting requirements. They would also remain subject to federal antifraud and antimanipulation provisions. The SEC issued the proposal Aug. 18, and the comment period closed Oct. 20. Ripple backed the proposal in an Oct. 20 comment letter, urging the agency to adopt it as a final rule. The [proposal remains under consideration](), and the SEC has not finalized it. Ripple’s [support for the proposed rule]() has also addressed how securities law applies to investment contracts and the tokens involved. NCA recommended plain-language disclosures, access to offering information where buyers encounter sales, updates after material changes and a public way to check whether issuers are current on filings. Those recommendations are not requirements in force. ## Links in this article - [proposal remains under consideration](https://www.tokenpost.com/news/regulation/38565) - [support for the proposed rule](https://www.tokenpost.com/news/regulation/36537)