Jurisdictional Limits Sink SEC Crypto Case Against HEX’s Richard Heart

The SEC accused Heart, a Finland-based entrepreneur, of conducting unregistered securities offerings through HEX, Pulsechain and PulseX, raising over $1 billion. It alleged he misused $12 million for luxury purchases, including sports cars and a 555-carat diamond. The case marked one of the SEC’s highest-profile crypto enforcement actions.

Judge Carol Bagley Amon ruled the SEC failed to prove Heart targeted U.S. investors, noting his online communications were “globally available” and not deliberately aimed at domestic markets. The court emphasized that U.S. investor participation alone did not establish jurisdiction, especially as the tokens weren’t listed on U.S. exchanges.

SOURCE: Judge Carol Bagley Amon’s decision.

The dismissal could limit the SEC’s ability to regulate foreign crypto projects unless they explicitly solicit U.S. investors. Legal experts say it sets a precedent for decentralized platforms operating internationally without direct ties to American markets.

The SEC may appeal within 20 days, but its decision could hinge on evolving enforcement priorities under a new administration. The case shows challenges in applying U.S. securities laws to borderless crypto ventures. The news also follows the recent SEC dismissals of several crypto lawsuits against Uniswap, Opensea, Gemini, Coinbase, Robinhood and more.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到[email protected]，本平台相关工作人员将会进行核查。