A Subtle Win for PiEth

Here’s How HEX’s Richard Heart Beat SEC Fraud Charges — And Why It Matters for iEthereum on PulseChain

Author

Knive Spiel
April 25, 2025

In what may go down as one of the most unusual and symbolic legal battles in the modern crypto era, Richard Heart—the flamboyant, polarizing founder of HEX, PulseChain, and PulseX—has emerged victorious in a courtroom standoff with the U.S. Securities and Exchange Commission (SEC). The charges? In July 2023, the SEC filed a complaint against Richard Heart, alleging that he had violated federal securities laws by offering and selling unregistered crypto asset securities. The agency also claimed he used investor funds for extravagant personal expenses, such as luxury cars, high-end watches, and diamonds.

The stakes? Possibly the entire playbook of how crypto evangelists launch, promote, and sustain decentralized blockchain ecosystems.

But now that the SEC has formally dropped its case and won’t refile, one must ask: What really just happened here? What does it mean for crypto regulation, the future of HEX, and—most importantly to us—what are the implications for iEthereum holders on PulseChain?

“I appreciate Judge Amon’s careful ruling which has dismissed all of the SEC’s claims against me. This type of victory over the SEC is quite rare. PulseChain, PulseX and HEX are not securities and should be allowed to flourish. HEX has operated flawlessly for over 5 years.”

This is more than just a court win. This is a game theory shift in the decentralized ecosystem.

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