SEC Launches Lawsuit Against Hex Founder Richard Heart and his Crypto Projects
Securities and Exchange Commission has launched a lawsuit against Richard Heart who is behind various crypto entities. The federal agency has continued to crack down on other cryptocurrency enterprises since the conclusion of the Ripple case. Richard Heart who is also known by the moniker Richard Schueler is a well-known cryptocurrency journalist.
Recently, the Securities and Exchange Commission has taken legal action against several cryptocurrency projects. Some of the crypto enterprises under investigation are PulseChain, PulseX, and Hex.
PulseChain is a fork of the Ethereum blockchain and it offers the same function as the Ethereum network with increased scalability and cheaper gas. Meanwhile, PulseX is a Uniswap fork it is a DeFi swap with AMMs, liquidity pool, and yield farming options. HEX is the ERC-20 token with staking options.
SEC Claims that Schueler has Violated Securities Laws
SEC has brought charges against Schueler who is the person responsible for launching all these crypto projects. Prosecutors allege that Schueler has violated securities laws and generated sales from unregistered sales.
The federal agency has maintained that it has managed to collect $1 billion using unregistered securities. In addition, the agency has brought additional charges against him and PulseChain. The commission has opened a Pandora’s Box with the release of his finances and lifestyle details.
SEC charged Schueler with misappropriation of $12 million to purchase luxury goods. Among his various extravagant expenses, is the largest black diamond of the world called Enigma.
Fort Worth Direction of the regional branch, Eric Werner has maintained that Schueler is responsible for soliciting sales of his unregistered securities that he failed to register. Werner has also claimed that he is also guilty of spending profits from his crypto entities on luxury purchases.
Hex token prices have plummeted sharply since the news about SEC action against it and related crypto projects become public. PulseChain forked from the Ethereum blockchain just a few months ago namely in May this year.
Likewise, PulseX split from Uniswap in the same month. Since the publication of the SEC lawsuit, HEX prices have continued to plummet.
CoinMarketCap has maintained that HEX token prices are currently fairing at $0.006255 after a 16% decline since the last hour. The news has also affected the price movement of the remaining two tokens i.e. PLS and PLSX.
The prosecutors have told the media that they intend to bring Heart to justice and hold him accountable for his actions. SEC chief Gary Gensler recently called for additional budget at the Financial House Committee meeting regardless of Biden Administration moving to adjust fiscal policy in response to the national debt problem.
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