Golden Finance reported that the Securities and Exchange Commission (SEC) of the United States has rebutted the attempt of Richard Heart, the founder of Hex, to dismiss the lawsuit against him, stating that it has the right to continue to push forward with the case. The SEC has accused Heart of raising over $1 billion through unregistered security issuance and using the funds for personal luxury consumption. Heart's lawyers countered that Hex, PulseChain, and Pulse X are not securities, and Heart did not promise investment returns, therefore it does not constitute fraud. The SEC insists that these assets are investment contracts and fall within the category of securities. The next hearing of the case is scheduled for October 24th.
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The SEC rejected Hex founder Richard Heart's motion to dismiss the lawsuit, and the case will continue.
Golden Finance reported that the Securities and Exchange Commission (SEC) of the United States has rebutted the attempt of Richard Heart, the founder of Hex, to dismiss the lawsuit against him, stating that it has the right to continue to push forward with the case. The SEC has accused Heart of raising over $1 billion through unregistered security issuance and using the funds for personal luxury consumption. Heart's lawyers countered that Hex, PulseChain, and Pulse X are not securities, and Heart did not promise investment returns, therefore it does not constitute fraud. The SEC insists that these assets are investment contracts and fall within the category of securities. The next hearing of the case is scheduled for October 24th.