SEC Throws in the Towel: Richard Heart's Legal Battle Ends with a Bang

Regulator Backs Down, Leaving Heart to Celebrate

The U.S. Securities and Exchange Commission has officially waved the white flag in its legal showdown with Hex founder Richard Schueler, better known as Richard Heart. The battle's over, folks!

In a letter to New York District Court Judge Carol Bagley Amon, which Heart proudly shared on X, the SEC declared that it "does not intend to file an amended complaint." That's right, they're letting the earlier court dismissal stand. Game over!

Remember back in July 2023 when the SEC came at Heart with guns blazing? They accused him of raking in over $1 billion through unregistered securities offerings linked to his crypto projects, Hex (HEX), PulseChain (PLS), and PulseX (PSLX). Talk about a high-stakes poker game!

But wait, there's more! The SEC also claimed Heart was using investor cash to live the high life, splurging on luxury watches and cars while hyping his project tokens as the golden ticket to "grandiose wealth." Sounds like a wild ride, doesn't it?

The case took a dramatic turn in February when Judge Amon threw out the complaint, saying the SEC couldn't prove Heart was specifically targeting U.S. investors. The regulator was given a chance to regroup and refile, but they've decided to cut their losses and walk away. It's like watching a high-stakes poker player fold a big hand!

The SEC's decision to back down isn't exactly a shocker. Under the new Trump administration, they've been dropping high-profile cases against crypto firms left and right, including Coinbase, Kraken, and Consensys. Ever since former chair Gary Gensler left in January, the agency's been scaling back its crypto crackdown. It's like they're trying to reinvent themselves!

Heart's not holding back his victory dance. He's claiming that HEX, PulseChain, and PulseX have "defeated the SEC completely" and gained a level of "regulatory clarity that nearly no other coins have." He's feeling like a champ!

"This is a victory for open-source software, cryptocurrency, and free speech," he declared, warning that the case "would have set a terrible precedent and caused perhaps multiple billions of dollars of damage to the vital open source and free software industry that powers most of the Internet." Heart's not just fighting for himself; he's fighting for the whole crypto community!

But hold on, don't start the party just yet. While Heart may have dodged the SEC's bullets, he's still in Interpol's crosshairs. He landed on the agency's Red Notice list in December 2024, with Finnish authorities gunning for his arrest over tax evasion charges spanning nearly four years and an assault allegation involving a 16-year-old. Talk about a plot twist!

As of now, the Red Notice is still active, and Heart's name is still on Europe's most wanted list. The saga continues, and we'll be here to bring you every thrilling update!