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CSV Client Richard Heart—entrepreneur, philanthropist, and free-speech pioneer—moves to dismiss SEC claims.

April 9, 2024

On April 8, 2024, CSV’s client Richard Heart, an entrepreneur, philanthropist, and free-speech pioneer who conceived of the cryptocurrency software programs Hex, PulseChain, and PulseX, moved to dismiss the SEC’s claims against him.  In July 2023, the SEC sued Heart and the three software programs, alleging that they unlawfully offered and sold unregistered “crypto asset securities” and that Heart and one of the software programs supposedly committed fraud.  Heart—who resides abroad—argues that he is not subject to personal jurisdiction in the U.S., that the alleged “securities” transactions did not occur in the U.S., that the SEC failed to plead fraud, that the SEC failed to plead the existence of an “investment contract,” and that the SEC’s claims infringe on his First Amendment rights of freedom of speech and association.  CSV is co-counsel to Heart with Quinn Emanuel Urquhart & Sullivan LLP, Kirk & Ingram, LLP, and Gray Reed.

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