Chapter 07 of 09
The Offering · Vol. 02 No. 01
The Statute · 07
September 2026 · London
Classify the instrument before you name the campaign · Campaign
How classification governs sentences
The register’s prohibited-wording field exists because classification is leaky under social pressure.
Once counsel has a current view, the campaign’s job is not to improve it. The job is to stop leaking a different view. Leaks happen in FAQs (“is this a security? no”), in founder podcasts (“we’re the regulated ICO”), in creator briefs (“safe, legal, retail-ready”), in support macros (“buy here”). Each leak is a new fact.
The claims register should contain, as live rows, the permitted description of the instrument and a prohibited list that includes the adjectives you are most tempted to use. “Not a security.” “Approved.” “Guaranteed listing.” “APY.” “Risk-free.” “Get in before.” Close cousins of those phrases die the same death. Softening “guaranteed listing” to “expected listing with a top venue” is not a control. It is a rewrite of the hope.
Language relative to classification
- 01Permitted: product function that exists; entity; “not an offer in this communication.”
- 02Permitted if counsel-backed: named pathway, named exemption category, named whitepaper status.
- 03Prohibited: approved, compliant-as-a-sticker, not-a-security-as-slogan, return, listing-as-promise.
- 04Pause: any new market, any new sophistication, any new wrapper, any design change.