The United States Securities and Exchange Commission has opposed Hex (HEX) founder Richard Heart's attempt to dismiss its $1 billion securities lawsuit, asserting its authority to pursue the case. The SEC argued that Heart's motion to dismiss disregarded the allegations and applicable laws in the complaint. Heart claimed the SEC had no jurisdiction over him as he resides abroad and has not visited the US during the relevant period. However, the SEC countered by stating that Heart targeted US investors through promotional activities for HEX, PulseChain, and PulseX. The regulator also accused Heart of misusing investor funds for personal luxury items. Despite Heart's claims of no deceptive conduct, the SEC maintained that he illegally sold securities and violated federal securities laws. The legal battle is ongoing, with the next hearing scheduled for October 24. Read more AI-generated news on: https://app.chaingpt.org/news