The SEC accused Heart, a Finland-based entrepreneur, of conducting unregistered securities offerings through HEX, Pulsechain and PulseX, raising over $1 billion. It alleged he misused $12 million for luxury purchases, including sports cars and a 555-carat diamond. The case marked one of the SEC’s highest-profile crypto enforcement actions.

Judge Carol Bagley Amon ruled the SEC failed to prove Heart targeted U.S. investors, noting his online communications were “globally available” and not deliberately aimed at domestic markets. The court emphasized that U.S. investor participation alone did not establish jurisdiction, especially as the tokens weren’t listed on U.S. exchanges.

SOURCE: Judge Carol Bagley Amon’s decision.

The dismissal could limit the SEC’s ability to regulate foreign crypto projects unless they explicitly solicit U.S. investors. Legal experts say it sets a precedent for decentralized platforms operating internationally without direct ties to American markets.

The SEC may appeal within 20 days, but its decision could hinge on evolving enforcement priorities under a new administration. The case shows challenges in applying U.S. securities laws to borderless crypto ventures. The news also follows the recent SEC dismissals of several crypto lawsuits against Uniswap, Opensea, Gemini, Coinbase, Robinhood and more.

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