Source: Cointelegraph Original: "{title}"

The U.S. Securities and Exchange Commission (SEC) has stated that it will not refile a securities fraud lawsuit against Hex founder Richard Schueler (also known as Richard Heart).

SEC attorney Matthew Gulde informed Judge Carol Bagley Amon of the New York District Court in a letter dated April 21: "The plaintiff, the U.S. Securities and Exchange Commission, hereby notifies that it will not submit an amended complaint in this matter."

Previously, Judge Amon dismissed the SEC's original lawsuit on February 28, stating that the regulatory agency failed to prove its jurisdiction over Heart's activities, as these activities were not specifically targeted at U.S. investors.

She had allowed the SEC to submit an amended complaint by March 20, later extending the deadline to April 21.

Heart stated on April 22 on the X platform: "Richard Heart, PulseChain, PulseX, and HEX have completely triumphed over the SEC and achieved regulatory clarity that almost no other tokens have."

Heart added that while the SEC has voluntarily withdrawn some other cryptocurrency cases, his case is the only one where the "SEC has completely lost, and cryptocurrency has achieved a comprehensive victory, with the court dismissing all charges brought by the SEC."

Heart indicated that the SEC "effectively sued the software code itself" in this case, marking a victory for open-source software, cryptocurrency, and freedom of speech.

In July 2023, the SEC sued Heart for allegedly issuing unregistered securities in the form of three tokens: HEX, PulseChain (PLS), and PulseX (PSLX), claiming he profited over $1 billion by promoting these tokens as a "path to wealth for investors."

In April 2024, Heart attempted to dismiss the lawsuit, arguing that the regulatory agency "has no jurisdiction over him" since he does not reside in the U.S.

The SEC opposed this in August, stating that he had promoted these tokens at an event in Las Vegas. In December 2024, Interpol issued a red notice for Heart, requesting his arrest in Finland, where he is also suspected of tax evasion.

The native token of PulseChain (HEX) reached an all-time high of $0.031 in December 2024, but has since fallen 76% as most altcoins have failed to follow Bitcoin's (BTC) upward trend this year.

Under the Trump administration, the SEC has withdrawn or suspended multiple lawsuits against cryptocurrency companies this year.

Related: United Nations: Cryptocurrency crime is becoming industrialized, with criminal gangs issuing tokens and laundering billions of dollars.

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