Offering More Options to Investors

According to Buterin, instead of holding ETH directly, companies investing through reserves can provide more options for investors with varying financial conditions. In recent months, crypto reserve companies have attracted significant attention on Wall Street, purchasing billions of dollars worth of Bitcoin and Ethereum while adopting long-term holding strategies.

The Risk of Excessive Leverage

Buterin cautioned that high leverage could pose serious threats to Ethereum. Sharp price drops in ETH could trigger forced liquidations, causing a chain reaction that undermines the network’s credibility. Referring to the collapse of the Terra project in 2022, he added that he believes current investors possess the discipline needed to avoid such scenarios.

Record Levels in ETH Reserves

Currently, publicly traded companies hold around $11.77 billion worth of ETH. At the top of the list is BitMine Immersion Technologies with 833,100 ETH (approximately $3.2 billion), followed by SharpLink Gaming ($2 billion) and The Ether Machine ($1.34 billion). Ethereum Foundation and PulseChain also rank among the top five holders.

Strong Recovery in 2025

ETH started 2025 at $3,685 before dropping to $1,470 in April. Since then, it has surged by 167%, reaching $3,900. Reserve strategies are seen as a major catalyst for this rebound. With this performance, Ethereum is narrowing the gap with Bitcoin and Solana in the ongoing bull market, regaining investor confidence.

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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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The post SEC Won’t Refile Fraud Case Against Richard Heart! appeared first on Coin Engineer.

Federal Judge Dismisses SEC Case Against Richard Heart Due to Lack of Jurisdiction

A federal judge has dismissed the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Richard Heart, the founder of HEX, PulseChain, and PulseX, citing the SEC’s failure to prove jurisdiction over the project, which did not specifically target U.S. investors.

Judge Carol Bagley Amon noted in her ruling that the SEC did not provide sufficient evidence to suggest that Heart’s online announcements were aimed at a U.S. audience, emphasizing that the communications were intended for a global audience. Furthermore, the court found that the participation of U.S. investors did not establish SEC jurisdiction in this case.

Federal Judge Rejects SEC’s Global Jurisdiction in Case

The court stated that merely claiming a small number of U.S. investors participated in the project was insufficient to prove jurisdiction. The SEC has the option to appeal or amend the ruling within 20 days. This decision could represent a significant turning point in the broader regulatory landscape, raising more questions about the interaction between global crypto projects and U.S.-based regulations. It may serve as an important precedent for crypto projects operating outside the U.S.

The court also emphasized that Heart’s projects did not trade on U.S. exchanges, and therefore should not be subject to U.S. regulations.

The SEC’s failure in this case could provide valuable insights into how non-U.S. projects will handle jurisdictional and regulatory issues in future similar cases.

This ruling could mark a defining moment in shaping global regulatory frameworks for the cryptocurrency sector.

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Allegations Against Richard Heart

The Red Notice, issued at the request of Finnish authorities, alleges that Heart is guilty of tax fraud between June 2, 2020, and April 2, 2024. It also accuses him of assaulting a 16-year-old victim, reportedly dragging the victim by their hair and knocking them down in a stairwell.

Though a Red Notice is not an international arrest warrant, it acts as a request for law enforcement agencies worldwide to locate and provisionally arrest the individual. The allegations were first detailed in a remand order issued three months ago, on September 13, 2024.

Heart Remains Active on Social Media

Despite the charges, Richard Heart has continued to remain active on social media platforms. In a recent X (formerly Twitter) post on December 21, he indirectly addressed the situation, saying:

“If the haters really wanted to get me down, they could raise more than the $27M I did for medical research.”

Heart further stated, “Nothing makes haters angrier than success. Every time they think of you, it reminds them how they’re not doing half what they could.”

Ongoing SEC Lawsuit

Heart is also entangled in a lawsuit with the SEC over the alleged unregistered offerings of Hex, PulseChain (PLS), and PulseX (PSLX). The SEC claims he raised over $1 billion through these token sales, touting them as “a pathway to grandiose wealth for investors.”

In August 2024, Heart requested the dismissal of the $1 billion lawsuit, but the SEC argued that it holds full authority to pursue the case.

As of this publication, Richard Heart has not publicly commented on the Red Notice or the ongoing legal challenges.

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The post Interpol Issues Red Notice for Hex Founder Richard Heart appeared first on Coin Engineer.

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SEC ‘s Allegations Against Richard Heart

The SEC sued Heart in July, alleging that he made over $1 billion in profits from products called HEX, PulseChain (PLS), and PulseX (PSLX), which the agency alleges are unregistered securities.

What is PulseChain?

PulseChain is a blockchain project developed by Richard Schueler that offers a new approach to the crypto space. PulseChain coin is the native cryptocurrency of this network.

Heart’s Inaccessibility and Online Activity

The SEC noted that Heart has continued to be active online, despite keeping his location tightly concealed. Since the SEC’s status report in November, Heart has made over 40 Twitter posts about various crypto-related events.

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The post SEC Sues Richard Heart in Finland! appeared first on Coin Engineer.