Richard Heart Celebrates Stunning Victory as SEC Dismisses Case Against HEX, PulseChain, and PulseX

The Securities and Exchange Commission (SEC) has decided to drop its charges against cryptocurrency founder Richard Heart and his ventures HEX, PulseChain, and PulseX.

In the filing made to Judge Carol Bagley Amon from the United States District Court for the Eastern District of New York, the SEC declared they "do not plan to submit an amended complaint" following the dismissal of their initial lawsuit.

Richard Heart claimed total victory

Richard Heart instantly proclaimed he had won outright. He said the court had already dismissed the SEC’s whole case, and the SEC was unable to lodge an additional grievance. The individual mentioned that this resolution brings about regulatory transparency which very few cryptocurrencies possess. They stated their ventures can proceed with enhanced security, something minimal other digital currencies offer.

The Securities and Exchange Commission (SEC) has decided against pursuing a fresh complaint following a court decision on February 28, 2025. On that date, the judge discarded the initial complaint filed by the SEC yet gave them until March 20 to submit an amended version. This deadline was subsequently pushed back to April 21, 2025; however, the SEC has opted out of taking any additional legal steps against Heart and their cryptocurrency ventures.

Heart described this outcome as an outright defeat for the SEC in a cryptocurrency case. Unlike previous situations where the regulatory body opted to withdraw, this instance stands out. "In all cases, this marks the sole scenario where the SEC was defeated and cryptocurrencies emerged victorious, resulting in the complete dismissal of each allegation made by the SEC in court," Heart explained. Heart stated on X .

The lawsuit started in July 2023 after the SEC filed charges against Heart With the sale of unregistered securities, he reportedly amassed over $1 billion from investors across his three cryptocurrency projects. According to the SEC’s original lawsuit, Heart allegedly misappropriated at least $12 million from these investors. It is claimed that he used this funds to buy various luxury goods including sports cars, timepieces, and a striking 555-carat black diamond referred to as "The Enigma."

Regulators at the time said Heart sold HEX as a high-return “blockchain certificate of deposit” with staking features that returned as much as 38%. The SEC also said he masterminded additional unregistered sales of PulseChain and PulseX tokens. Those allegations have now largely been tossed aside because the SEC did not bring a new complaint. Heart described the legal victory as highly significant because “the SEC actually sued software code itself in this case.”

The HEX price movement exhibits varied outcomes as it faces ongoing legal challenges.

Although the legal issue concluded positively for Richard Heart, the performance of his cryptocurrency ventures has been subpar throughout the prolonged legal proceedings. His flagship token, HEX, is now trading at around 0.2% of its peak value, having dropped by 99.6% from its highest point of $0.5108 before the SEC initiated charges against him.

Even though the token has dropped significantly from its peak value, it is now showing encouraging signs of movement in its pricing recently. This slight upturn started because the project’s legal troubles were addressed, and consequently, the SEC decided against pursuing their case.

According to CoinGecko statistics, the HEX price increased by 14% within the past day. Over the previous week, the token demonstrated a rise of 50%, and over the course of one year, it saw an increase of 30%.

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