SEC says it won’t re-file fraud case against Hex’s Richard Heart
The US Securities and Exchange Commission (SEC) will not refile its securities fraud complaint against Hex founder Richard Schueler, also known as Richard Heart. The SEC's original complaint was dismissed by Judge Carol Bagley Amon due to a lack of jurisdiction over Heart's activities, which were not aimed at US investors. Heart claimed victory, stating that the SEC's withdrawal signifies regulatory clarity for cryptocurrency. The SEC had sued Heart in July 2023 for unregistered securities offerings related to HEX, PulseChain, and PulseX, alleging he earned over $1 billion by misleading investors. Heart argued the SEC lacked authority over him since he resides outside the US. In December 2024, Interpol issued a Red Notice for Heart in connection with tax evasion allegations in Finland. The HEX token reached an all-time high of $0.031 in December 2024 but has since declined by 76%. The SEC has also dropped or suspended several other cryptocurrency cases this year.
