Richard

Filecoin

Impact

<div class="coingape"> 
 <h2 id="strong-the-sec-case-against-heart-strong"><strong>The SEC Case Against Heart</strong></h2> 
 <p><span style="font-weight: 400">According to the markets regulator, Heart raised as much as $1 billion in the sale of tokens associated with <a rel="noopener noreferrer nofollow" title="PulseChain" href="https://thebittimes.com/tag/pulsechain.html">PulseChain</a>, PulseX, and Hex protocols since their existence. The market regulator claimed that all of the three tokens are considered un<a rel="noopener noreferrer nofollow" title="register" href="https://thebittimes.com/tag/register.html">register</a>ed asset <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>urity.</span></p>  
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 <p><span style="font-weight: 400">While the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> found fault in the sales of these assets, the commission also accused the internet entrepreneur of constantly promoting these investments as a pathway to grandiose wealth for investors. The market regulator also found fault with Heart for offering a Staking product associated with these tokens which is capable of returning up to 38% to investors.</span></p> 
 <p><span style="font-weight: 400">The SEC noted that these actions are unsafe for investors, thus justifying the charges being brought against the entrepreneur</span></p> 
 <p><span style="font-weight: 400">“Heart called on investors to buy crypto asset securities in offerings that he failed to register. He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods,” said Eric Werner, Director of the Fort Worth Regional Office. “This action seeks to protect the investing public and hold Heart accountable for his actions.”</span></p>  
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 <p><span style="font-weight: 400">As a part of the Press Release, the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> has called on the members of the <a rel="noopener noreferrer nofollow" title="HEX" href="https://thebittimes.com/tag/hex.html">HEX</a> community to come forward with information should they have it.</span></p> 
 <h2 id="strong-the-sec-vs-hex-lawsuit-and-broader-impact-strong"><strong>The SEC vs HEX Lawsuit and Broader Impact</strong></h2> 
 <p><span style="font-weight: 400">That the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> is charging Richard Heart is not coming as a surprise to members of the crypto ecosystem as they are notably used to related </span><span style="font-weight: 400">enforcement actions</span><span style="font-weight: 400"> which has been consistent all year round.</span></p> 
 <p><span style="font-weight: 400">While HEX and the PulseChain ecosystems are relatively less popular compared to other Web3.0 projects that have been charged by the regulator, the impact of the lawsuit might still be felt across the board.</span></p> 
 <p><span style="font-weight: 400">HEX token for instance is currently on a freefall following the lawsuit with its price tanking by 16.76% over the past 24 hours at the time of writing to $0.007372. HEX now joins the list of tokens like Cardano (ADA), Solana (SOL) and Filecoin (FIL) that are now </span><span style="font-weight: 400">tagged a security</span><span style="font-weight: 400"> by the US SEC.</span></p> 
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Breaking: US SEC Sues Richard Heart for Selling Unregistered HEX Securities

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