The SEC will no longer reopen the lawsuit against the founder of Hex

According to Cointelegraph, the US SEC has confirmed that it will not re-prosecute Hex founder Richard Heart (real name Richard Schueler) after accusing him of illegally issuing three cryptoassets, HEX, PulseChain and PulseX. The court had earlier rejected the SEC lawsuit, finding that it failed to prove that Heart was targeting US investors. The SEC then gave up filing an amended indictment before the deadline. Heart issued a statement claiming that he won the case comprehensively, calling it a victory for encryption, open-source software and free speech. He pointed out that the SEC's indictment even targets "the software code itself".
The SEC has accused Heart of illegally raising more than $1 billion and issued an international arrest warrant for it in Finland. At present, the price of HEX has fallen by 76% since its December 2024 high. Since the beginning of this year, the SEC has withdrawn several crypto-related cases.