In a landmark ruling, serial entrepreneur Richard Heart has secured the complete dismissal of all claims brought against him by the U.S. Securities and Exchange Commission (SEC). Judge Carol Bagley Amon granted this motion on February 28th, 2025, effectively clearing Heart and his blockchain projects — HEX, PulseChain, and PulseX — of allegations of unregistered securities offerings and misuse of investor funds. This victory marks a significant turning point for the cryptocurrency industry, highlighting its resilience against regulatory pressure. The SEC had been pursuing an aggressive enforcement strategy against cryptocurrencies, but this case has proven to be significantly challenged by legal arguments that highlight the agency’s limitations in jurisdiction and regulatory overreach. The court found no substantial connection to U.S. securities transactions and dismissed all fraud claims brought against Richard Heart and his blockchain products. 2023 marked the beginning of the SEC’s investigation into the entrepreneur, after allegations of exceeding $1 billion in unlisted fundraising through various methods. The case was unique due to the involvement of his open-source crypto projects — HEX, PulseChain, and PulseX, which were also named codefendants for alleged