80% of Global Audience: Why SEC Lost Jurisdiction in Richard Heart Case

A federal judge dismissed the SEC’s lawsuit against Richard Heart, the founder of HEX, PulseChain, and PulseX, citing a lack of jurisdiction. The judge, Carol Bagley Amon, ruled that the SEC did not provide enough evidence to show that Heart’s online communications were aimed at U.S. investors. Instead, these communications were globally accessible, not specifically targeting the U.S. market. U.S. securities law requires proof that a defendant intentionally engaged with the U.S. market, which was not demonstrated in this case. The tokens were not listed on U.S. exchanges, and the mere participation of an unspecified number of U.S. investors was insufficient to establish jurisdiction. The SEC has 20 days to appeal or amend the ruling.

Source: www.coindesk.com