HEX Surges 77% After SEC Lawsuit Dismissal

HEX, a cryptocurrency associated with Richard Heart, surged nearly 80% following a significant legal victory. The US District Court for the Eastern District of New York dismissed a lawsuit brought against Heart by the Securities and Exchange Commission (SEC), citing jurisdictional overreach.

The SEC had accused Heart of conducting an unregistered securities offering, alleging that he raised over $1 billion in cryptocurrency assets. It also claimed that Heart and his blockchain project, PulseChain, misappropriated at least $12 million for luxury purchases. However, US District Judge Carol Bagley Amon sided with Heart, stating that the SEC did not establish a sufficient legal basis for its case.

The judge found that Heart's marketing efforts were globally available and not specifically directed at US investors. She also ruled that the SEC failed to demonstrate that Heart's alleged misconduct took place within the US. Additionally, the ruling determined that even if the SEC had proven jurisdiction, its complaint lacked substantial evidence of domestic securities law violations, leading to the case's dismissal.

Reacting to the court's decision, Heart described the ruling as a rare victory for the cryptocurrency industry. He emphasized that HEX, PulseChain, and PulseX should be allowed to operate freely, stating that HEX has functioned without issue for over five years.

Following the decision, the tokens linked to Heart experienced massive price gains. According to CoinGecko data, HEX gained over 77% in the past 24 hours, trading at $0.003979. Meanwhile, PulseChain rose more than 65% to approximately $0.01575 at press time.