The U.S. Securities and Exchange Commission (SEC) has officially closed the case against Richard Heart, the founder of the cryptocurrency project Hex. In his statement, Heart expressed satisfaction with the SEC’s decision, calling it a significant victory for the entire cryptocurrency industry.
This is reported by Finway
In previous hearings, the court dismissed the SEC’s lawsuit but allowed the regulator to refile documents. However, as Heart noted, on April 21, 2025, the SEC officially informed the court that it did not intend to file an amended complaint, and the deadlines for doing so had already passed.
“Richard Heart, PulseChain, PulseX, and Hex have achieved a complete victory over the SEC and have gained a level of regulatory clarity that no other coin has. […] The SEC voluntarily dropped some other cryptocurrency cases, but this is the only case in which it has clearly lost, and cryptocurrency has won,” Heart stated.
It is worth noting that the SEC criticized not only Heart but also the open-source code, believing that a victory for the Commission could create a dangerous precedent for the entire sector. Heart emphasized that if they had lost, it could have caused “multibillion-dollar” damage to the cryptocurrency industry.
The SEC filed a lawsuit against Richard Heart and his companies in 2023, accusing them of raising over $1 billion through the sale of unregistered securities and fraud. However, at the end of February 2025, the court dismissed the lawsuit, as there was insufficient evidence that Heart’s activities took place within the United States. Tokens associated with his projects responded positively with growth following this decision.
Recently, the SEC also closed cases against other cryptocurrency platforms, such as Uniswap, Coinbase, and Consensys. Following a change in the Commission’s leadership, there is hope in the crypto sphere for a softening of the agency’s policy toward digital assets.