Chapter 02 of 08
The Offering · Vol. 02 No. 01
The Map · 02
September 2026 · London
Named markets, or you do not have an offering audience · United States
US persons are a decision, not a default
Includes-US is a kick-off lock. It is not a checkbox you tick on a form because the product is in English.
If US persons are in, counsel has named a path, and the campaign’s channels are designed for that path — including the difference between general solicitation and a private process, where that difference matters. If US persons are out, they are out in geo controls, in ad targeting, in creator briefs, in the site, and in support macros. A footer is not a control.
US public offering language in a global social feed is how you accidentally build a general solicitation while telling your lawyer you were doing a private placement. The feed does not know your lawyer. The feed knows what you typed.