The U.S. Securities and Exchange Commission (SEC) has officially dropped its fraud case against Richard Heart, the founder of HEX, PulseChain, and PulseX. This dismissal marks a significant legal defeat for the SEC, as it is reportedly the only crypto case entirely dismissed by a federal judge. The SEC decided not to amend its complaint by the April 21 deadline, which was a requirement after the judge previously cited a lack of jurisdiction in February. Attorney David Kirk, representing Heart, emphasized that the case's conclusion is a victory for open-source software and free speech, as the SEC's initial claims threatened the basis of software code as non-personal entities. The SEC accused Heart of raising over $1 billion through unregistered securities offerings, but the judge noted that Heart's activities were not sufficiently targeted towards U.S. investors, thus undermining the SEC's argument.

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