US federal court dismisses SEC’s case against Hex founder Richard Heart
Judge cites lack of personal jurisdiction as key reason for SEC case dismissal against crypto founder.
Key Takeaways
- The court dismissed the SEC’s lawsuit against Richard Heart due to lack of personal jurisdiction.
- The SEC failed to prove that Heart’s crypto transactions qualified as domestic under US securities laws.
The US District Court for the Eastern District of New York has dismissed the SEC’s case against Hex founder Richard Schueler — who goes by Richard Heart — and his crypto projects Hex, PulseChain, and PulseX.
“I appreciate Judge Amon’s careful ruling which has dismissed all of the SEC’s claims against me. This type of victory over the SEC is quite rare. PulseChain, PulseX and HEX are not securities and should be allowed to flourish. HEX has operated flawlessly for over 5 years,” said Heart in a statement following the court’s ruling.
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