The U.S. Securities and Exchange Commission (SEC) has decided not to reopen the case against Richard James Schueler, the founder of HEX, PulseChain, and PulseX, known as Richard Heart. The entrepreneur announced this on X, citing a letter from the agency.
Today the SEC notified the court that it “…does not intend to file an amended complaint…” and their deadline to do so has expired. The Court previously dismissed the SEC’s entire case. Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have… pic.twitter.com/hKtUUQsPHn
— Richard Heart (@RichardHeartWin) April 22, 2025
Heart described the decision as a victory over the SEC and claimed it provides “regulatory clarity.” He noted that the case is significant for the protection of open-source software, digital assets, and freedom of speech.
The HEX founder called it the first instance where a court has dismissed all SEC claims against a cryptocurrency project.
In 2023, the regulator accused Heart of raising over $1 billion through unregistered digital asset offerings via HEX, PulseChain, and PulseX.
Back in late 2024, Interpol issued a “red notice” on behalf of Finland against Heart.
In March 2025, the court found part of the SEC’s arguments against the HEX founder unproven.