The U.S. Securities and Exchange Commission (SEC) is facing challenges in its billion-dollar lawsuit against cryptocurrency personality Richard Heart.

In a recent court filing, it was revealed that the SEC has been unsuccessful in serving Heart, which complicates the high-profile case. This turn of events is quite interesting.

Legal Impasse Causes Delays in  ” U.S. Securities” Case Against HEX Creator Richard Heart

The Securities and Exchange Commission’s (SEC) legal dispute with Richard Heart, a well-known personality in the crypto world, is facing an unexpected hurdle. The SEC has encountered difficulties in serving legal documents to Heart, as per a court filing.

This development has raised questions about the lawsuit’s progress and future, which alleges that Heart, along with his entities Hex, Pulsechain, and Pulsex, violated securities laws.

The SEC filed the lawsuit on July 31, 2023, and placed Heart at the centre of a significant legal controversy over the operation of his crypto entities.

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The complaint accuses him and his companies of engaging in activities that contravene U.S. securities laws, raising more than $1 billion through unregistered securities offerings.

However, as of the latest filing, the SEC has not received confirmation of successful service in Finland. The SEC told the court that the delay is significant as it impedes the legal process and could prolong the case’s resolution.

As per the latest reports, the SEC is expected to provide a status update to the court by December 15, 2023, regarding their attempts to serve Heart. If their efforts are unsuccessful, the regulator plans to explore alternative methods of service in accordance with federal procedural rules.

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