Chapter 07 of 10
The Offering · Vol. 02 No. 01
The Definition · 07
September 2026 · London
What an RCAICO is — and what it must never become · The stack
Ten artefacts that make an offering describable
If more than three are missing, you are not late. You have not started.
A regulated posture is a stack. Teams try to buy the top of the stack — a site, a thread, a KOL — and are surprised when the bottom is empty. The bottom is the work. This issue is organised as the stack, in the order a later reader will reconstruct whether you knew what you were doing.
The RCAICO stack, as we run it
- 01Entity map — who issues, who operates the product, who holds IP, who talks. Names, jurisdictions, directors.
- 02Instrument note — what the token is, in words a holder would recognise, without adjectives that smuggle a return.
- 03Classification file — counsel’s current view, dated, with the facts it depends on. Not a tweet. Not “utility.”
- 04Pathway memo — the offering path that exists today, including “we are not offering.” Proposed rules live in an appendix, never in the hero.
- 05Geography lock — markets in, markets out, sophistication, promotion route. “Global” is a risk label.
- 06Data room — evidence that makes claims possible. If it is not in the room, it is not on the internet.
- 07Claims register — claim, evidence, permitted wording, prohibited wording, approver, audience, channel, date, archive.
- 08Communications tree — site, paper, FAQ, interviews, creators, partners, support scripts. Each is a channel.
- 09Onboarding decision — whether anyone is a customer of the issuer, and who runs KYC if they are. We will not be that function.
- 10Kill switch — who can take a sentence down in twenty-four hours, including a creator who is not in Slack.
The rest of the issue is those ten artefacts, written as features. You can read them in order. You can jump to the statute, the map, the file, the calendar. You cannot skip the stack and keep the adjective. “Regulated” without the stack is branding. Branding is how pads talk.