SEC Drops Fraud Case Against HEX Founder Richard Heart
The U.S. Securities and Exchange Commission (SEC) has dropped its fraud case against Richard Schueler, known as Richard Heart, founder of crypto projects HEX, PulseChain, and PulseX. Key points include:
- On April 21, the SEC informed the Eastern District Court of New York it would not amend its complaint.
- This decision effectively ends the case, marking a complete victory for Heart.
- The court had previously dismissed the SEC's initial complaint in February due to lack of jurisdiction.
- Judge Carol Bagley Amon determined Heart's activities were not clearly aimed at U.S. investors.
- Heart stated the case was significant for open-source software and free speech, claiming the SEC's actions could have harmed the industry.
- The SEC declined to amend the complaint by the April 21 deadline after being given the opportunity.
- The original lawsuit was filed in July 2023, accusing Heart of raising over $1 billion through unregistered securities offerings.
