A federal judge rejected the trial of the Securities and Exchange American Commission (SEC) against Richard Heart, the founder of Hex, Pulsechain and Pulsex, judging that the agency had not competence because the project does not specifically target American investors.
“Relevant online communications described in the complaint during supply periods are made up of non -targeted and available information on a global scale,” wrote Carol Bagley Amon in her decision. “The dry did not argue enough facts to suggest that Heart’s online statements have been deliberately directed to the United States rather than a world public.”
Under the American law on securities, the SEC must prove that a defendant has intentionally engaged with the American market, but the court noted that heart communications were “unclear and accessible information on a global scale”, which have not demonstrated a deliberate effort to request American investors and noted that the tokens were not available on American exchanges.
The court also judged that the participation of American people in the project did not give to the jurisdiction of the SEC indicating that the complaint “simply alleys that an unspecified number of American investors participated in the offers”, without demonstrating that transactions have occurred in the United States
SEC has the possibility of calling on the decision or modifying it within 20 days.
