**Hex Token Soars After Court Ruling**
The Hex token, associated with Richard Heart’s PulseChain blockchain, experienced an impressive surge of over 75% following a US judge’s dismissal of a fraud case involving the founder and the SEC. In just 24 hours, the token skyrocketed from approximately $0.00225 to its current value of $0.003972. Other assets linked to Richard Heart also saw significant gains, with PulseChain (PLS) and PulseX (PLSX) rising by 34% and 61%, respectively. This remarkable upward movement was fueled by the US district court’s decision to dismiss a legal challenge against Heart and the US Securities and Exchange Commission (SEC). Judge Carol Bagley Amon ruled on Friday, clearing the crypto founder of all fraud allegations.
**Heart Walks Free After SEC Brawl**
In July 2023, the US SEC filed a lawsuit against Heart, accusing him of raising $1 billion by selling unregistered securities to US investors. The regulators also claimed he defrauded users of $12.1 million, allegedly spending it on luxury cars and rare collectibles. Among these prized possessions was “The Enigma,” a stunning 555.55-carat black diamond that sold for $4.4 million in February 2022. Heart, a US citizen living in Finland, also reportedly acquired high-end McLaren and Ferrari sports cars, as well as luxury Rolex watches.
Importantly, Judge Amon determined that Heart’s crypto activities fell outside the SEC’s jurisdiction. The court noted that the regulator failed to demonstrate that Heart’s crypto platform and wallets were subject to US laws, leading to the case’s dismissal. “To the extent the complaint shows that Heart misappropriated investor funds through deceptive mixer transactions, those actions occurred entirely outside of the United States,” the judge stated.
**A Rare Win Against the SEC**
In the wake of this “rare” victory, the PulseChain founder took to X to celebrate. He tweeted that Judge Amon correctly ruled that the tokens within the PulseChain ecosystem (PLS, PLSX, and HEX) are not securities, allowing them to thrive alongside other digital assets.
Heart also expressed gratitude for President Donald Trump’s support of the digital asset industry and the regulatory clarity it has provided. He emphasized that HEX has operated flawlessly for five years, and the recent ruling brings much-needed relief to both the project and the broader crypto community. Additionally, this case adds to the growing list of SEC litigations that are now faltering. In the past week, the regulator has dropped its legal actions against Coinbase, Robinhood, and Gemini, among others.
