Yigit Taha OZTURK 
The U.S. Securities and Exchange Commission (SEC) has announced it will not refile its fraud case against Richard Schueler, better known as Richard Heart, founder of Hex. In an April 21 letter to Judge Carol Bagley Amon, SEC attorney Matthew Gulde stated: “The Commission does not intend to file an amended complaint in this matter.”
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The case was previously dismissed on February 28, after Judge Amon ruled that Heart’s activities were not explicitly targeted at U.S. investors, thus falling outside the SEC’s jurisdiction.
Heart Declares Victory Over SEC
Heart took to X (formerly Twitter) on April 22 to announce that HEX, PulseChain, and PulseX had fully defeated the SEC. He described the case dismissal as a major win for open-source software, cryptocurrency, and free speech, noting that “the SEC actually sued software code itself in this case.”
The SEC originally sued Heart in July 2023, alleging he raised over $1 billion through unregistered securities offerings via HEX, PulseChain (PLS) and PulseX (PLSX).
Despite Interpol issuing a Red Notice for Heart in December 2024, and allegations of tax evasion in Finland, the case has now been dropped without further filings—marking one of the rare complete losses for the SEC in crypto litigation.
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