The big, bad SEC steps into the ring with Richard Heart, aka Richard Schueler, the man behind HEX, PulseChain, and PulseX.
The crowd’s expecting fireworks. Instead, the SEC just walks away. Not with a bang, but a whimper.
If you’re looking for justice served cold, forget it, this is more like a microwaved TV dinner, soggy and unsatisfying.
Miss
Last year, the SEC accused Heart of raking in over $1 billion by selling unregistered securities, like HEX, PulseChain, and PulseX.
They even claimed he splurged on luxury watches and flashy cars with investor cash, all while promising people a golden ticket to grandiose wealth. Classic villain stuff, right?
But Judge Carol Bagley Amon tossed the case in February, saying the SEC couldn’t prove Heart was even aiming his crypto bazooka at U.S. investors.
Turns out, you can’t police the world from Wall Street, no matter how shiny your badge is.
No rematch
The judge gave the SEC a shot at redemption, a chance to refile by April 21. Did they take it? Nope. On April 21, the SEC’s own lawyer told the court, they’re out.
That’s it. No sequel, no comeback. Heart’s attorney called it a complete victory, and honestly, when was the last time you saw the SEC lose this hard in crypto court?
Not often. Usually, they’re the ones making the rules, not getting schooled on jurisdiction.
Richard Heart, never one to miss a victory lap, jumped on social media to declare that HEX, PulseChain, and PulseX had defeated the SEC completely.
Today the SEC notified the court that it “…does not intend to file an amended complaint…” and their deadline to do so has expired. The Court previously dismissed the SEC’s entire case. Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have… pic.twitter.com/hKtUUQsPHn
— Richard Heart (@RichardHeartWin) April 22, 2025
He even claimed this was regulatory clarity that almost no other coin enjoys. Heart wasn’t shy about the stakes.
“The SEC actually sued software code itself in this case.”
Imagine suing the alphabet because you don’t like the words people spell. That’s the level of legal gymnastics we’re talking about here.
A win for crypto?
Heart spun the win as a triumph for open-source software, crypto innovation, and free speech.
He argued that if the SEC had won, it could’ve set a precedent to go after the very code that powers the internet.
That’s not just a bad day for crypto, but it’s a pretty bad day for anyone who likes their tech free and open.
On the other hand, the Interpol still wants Heart in Finland for alleged tax evasion, and HEX’s price has tanked 76% since its December 2024 peak. So, if you thought this story was all rainbows and moonshots, well, no.
The market’s still rough, and Heart’s not exactly sipping champagne on a yacht, at least, likely not without looking over his shoulder.
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