Cryptocurrency entrepreneur Richard Heart claims total legal victory as the SEC abandons its securities fraud lawsuit, though he remains wanted by Interpol on separate charges.
SEC Lawsuit Dismissed
Richard Heart, the controversial founder of HEX, PulseChain, and PulseX, has declared complete victory over the U.S. Securities and Exchange Commission (SEC) after the regulator abandoned its fraud lawsuit against him. The case was originally dismissed in February when a federal judge ruled the SEC failed to demonstrate Heart’s statements specifically targeted U.S. investors.
Heart’s Claim of Total Victory
In a series of tweets, Heart framed the outcome as a sweeping win: – Claimed he achieved “regulatory clarity that nearly no other coins have” – Asserted this marked the “only case where the SEC lost and crypto won across the board” – Called it a “victory for open-source software, cryptocurrency, and free speech” The SEC had until April 21 to file an amended complaint but chose to drop the case entirely.
I beat the SEC in court. The SEC did not drop its case against me. The judge completely dismissed their case for both failure to state a claim and lack of jurisdiction. This is why PulseChain, PulseX and HEX gained legal certainty that almost no other coin has, even Ethereum.… https://t.co/iz8qAdNGYC
— Richard Heart (@RichardHeartWin) April 23, 2025
SEC’s Shifting Crypto Stance
The dismissal aligns with the SEC’s recent pattern of closing several cryptocurrency investigations, reflecting the Trump administration’s more favorable industry stance. This shift coincides with the appointment of new SEC Chairman Paul Atkins, a former crypto advisor who has promised a less aggressive approach than his predecessor Gary Gensler.
Ongoing Legal Troubles
Despite the SEC victory, Heart (legal name Richard Schueler) remains on Interpol’s red notice list as one of Europe’s most wanted fugitives. He faces serious charges including: – Tax fraud – Physical assault of a teenager (allegedly involving hair-pulling and multiple facial punches)
Market Reaction
HEX’s price has surged 12.7% in 24 hours and 49% weekly following the legal developments, according to CoinGecko data. The SEC had originally accused Heart of marketing HEX as “the highest appreciating asset in human history” while allegedly misusing millions in investor funds for luxury purchases.