The SEC withdraws the lawsuit against Richard Heart

The Securities and Exchange Commission (SEC) of the United States has decided to officially withdraw the fraud lawsuit filed against Richard Schueler, known in the crypto world as Richard Heart, founder of HEX, PulseChain, and PulseX. 

A piece of news that not only represents a point in favor of technological and financial freedom, but has also pushed the price of HEX towards a dizzying surge.

A change at the top of the SEC in favor of Richard Heart ignites hope

The market reaction was not long in coming. After the announcement of the withdrawal of the lawsuit, HEX recorded a surprising performance. The token price gained 9.9% in the last 24 hours, 45.9% in the last week, and an incredible 78.8% in the last 14 days.

Even on a monthly basis, the asset shows significant growth, reaching +22.9%, while the increase since April 2024 stands at +29.3%.

A clear signal that the market is reacting positively to the return of confidence in a project that, until a few weeks ago, seemed on the ropes due to pressure from regulatory authorities.

The withdrawal of the lawsuit comes at a time of great change for the SEC. The agency has indeed recently appointed Paul Atkins, known for his bull positions towards Bitcoin and the crypto world in general, as the new chairman.

This handover ignites the hopes of investors and developers for a more balanced and less hostile approach from the regulatory body.

The previous president, Gary Gensler, was often criticized for his tough stance against the crypto sector. 

The appointment of Atkins could represent a new phase for the regulation of cryptocurrencies in the United States, potentially more open to technological and financial innovation.

A new momentum, but the road is still long

The same Richard Heart expressed satisfaction with the outcome of the legal matter. In a message he posted on platform X, he stated:

“This is a victory for open source software, for cryptocurrencies, and for freedom of expression. The SEC tried to sue a software code, arguing that it could represent a sort of alter ego of a person. This could have set a dangerous precedent and potentially caused billions of dollars in damages to a vital infrastructure like that of free software, which powers much of the Internet and online communications.” 

His words echo the fear shared by many developers: that the attempt to regulate open source software could seriously threaten the ecosystem on which not only cryptocurrencies, but also the internet itself, are founded.

Despite the increases and the enthusiasm of the community, it is not certain that the future will be free of obstacles. Despite the recent rally, the current value of HEX is still far from its all-time high. 

In September 2021, the token had reached $0.5108, while now it is at much lower levels, after an overall drop of over 99% in recent years.

The difficulties were not lacking: in addition to regulatory pressure, HEX has seen a weakened push in the market and a decline in interest among investors. 

However, the end of the legal case could act as a catalyst for renewed interest, especially in a more favorable market context.

The rally of HEX should be placed in a broader context of sector recovery. Bitcoin (BTC) has recently returned above 93,000 dollars, while the overall crypto market capitalization has increased by 4.2% in the last 24 hours, surpassing 3.04 trillion dollars. 

This general market momentum helps to strengthen the positive sentiment towards digital assets, including those considered controversial or niche, such as HEX.

The forecasts remain cautious

Despite the optimism, analysts urge caution. According to the portal CoinCodex, HEX might not be ready for a new immediate bull run.

The platform expects that the token will continue to move in a sideways manner in the coming months, estimating a value around $0.002491 by July 20.

These forecasts suggest that, before a real trend reversal, it will be necessary to consolidate the recent gains and demonstrate a structural recovery of the project.

The recent decision by the SEC could also have repercussions on other blockchain projects and tokens under scrutiny by the authorities.

The HEX case represented a crucial precedent: the SEC’s attempt to consider a software code as a legal person opens up complex scenarios on the legal and philosophical level.

With the dismissal of the case and a new leader at the helm of the SEC, the regulatory landscape for U.S. cryptocurrencies could shift towards greater openness. In this climate, projects like HEX, once considered doomed, could return to the spotlight.

For now, Richard Heart and his community can celebrate a significant victory, not only for HEX, but for the entire crypto sector.