HEX Price Jumps 80% as Richard Heart Defeats SEC Lawsuit
The post HEX Price Jumps 80% as Richard Heart Defeats SEC Lawsuit appeared on BitcoinEthereumNews.com.
A US federal court has dismissed the SEC’s lawsuit against Richard Heart, the founder of HEX, citing jurisdictional overreach. Following the decision, tokens associated with Heart—HEX, PulseChain, and PulseX—have surged in value, with HEX leading the rally with a nearly 80% gain. Judge Rules Against SEC in Richard Heart Case On February 28, the US District Court for the Eastern District of New York ruled in favor of Richard Schueler, widely known as Richard Heart, dismissing the SEC’s lawsuit against him. The agency had accused Heart of conducting an unregistered securities offering, alleging that he raised over $1 billion in cryptocurrency assets. It also claimed that Heart and his blockchain project, PulseChain, misappropriated at least $12 million for luxury purchases, including high-end cars, watches, and a rare black diamond. Heart resisted these claims, arguing that the SEC lacked jurisdiction over his activities. He maintained that the regulator failed to prove that his actions specifically targeted US investors or violated domestic securities laws. US District Judge Carol Bagley Amon sided with Heart, stating that the SEC did not establish a sufficient legal basis for its case. The judge also found that Heart’s marketing efforts were globally available and not specifically directed at US investors. The SEC had claimed Heart extensively promoted his projects through websites and social media. However, the court determined that simply providing information online does not constitute sufficient grounds for jurisdiction. “Heart did not directly message US-based investors or respond to questions through his websites. Rather, Heart disseminated ‘how to’ information, which alone is not sufficient. Accordingly, Heart’s website contacts simply provided globally available information and lack sufficient interactivity to constitute a significant contact,” Judge Amon wrote. Additionally, the judge ruled that the SEC failed to demonstrate that Heart’s alleged misconduct, including misappropriation of funds and deceptive transactions,…
Filed under: News - @ March 1, 2025 12:06 pm