SEC Abandons Charges Against Hex Founder Richard Heart: A Victory for HEX and Crypto Freedom

COINOTAG News reports from April 23rd that the U.S. SEC has officially announced the cessation of charges against Richard Heart, the founder of Hex, whose real name is Richard Schueler. Previously, the SEC accused Heart of the unlawful issuance of three crypto assets: HEX, PulseChain, and PulseX. However, a court ruling dismissed the SEC’s claims, highlighting a lack of substantial evidence to prove that Heart specifically targeted U.S. investors. In a significant turn of events, the SEC opted not to refile an amended complaint prior to the deadline, indicating a tactical retreat. Heart touted this outcome as a major win for cryptocurrency, open-source development, and freedom of expression, emphasizing that the legal action even encompassed the “software code itself.” Despite the allegations of illegally raising over $1 billion and an international arrest warrant issued in Finland, HEX has seen a notable decline, dropping 76% from its peak in December 2024. This year, the SEC has withdrawn numerous crypto-related cases, signaling a shift in its regulatory approach.