- SEC remains silent on Ripple’s appeal, leaving uncertainty over case resolution.
- XRP price faces pressure as the market awaits SEC’s next move on Ripple.
- SEC loses case against Richard Heart, court rules on jurisdiction issue.
The U.S. Securities and Exchange Commission (SEC) held its weekly closed meeting on February 27, fueling speculation that the agency might withdraw its appeal in the ongoing Ripple case. However, the SEC provided no new updates on its appeal, dashing hopes for a quick resolution.
John E. Deaton, the Amicus Curiae attorney representing 75,000 XRP holders, commented on the SEC’s lack of clarity regarding its appeal strategy. Deaton, who has been vocal in supporting Ripple, referenced key individuals such as Hester Peirce, David Sachs, Bo Hines, and Mark Uyeda in his remarks, highlighting the ongoing uncertainty surrounding the case.
XRP’s Market Performance Despite Legal Uncertainty
XRP continues to face downward pressure in the market. After reaching a high of $3.3999 on January 16,
the token has since seen declines. Some market observers speculate that the SEC may be waiting for Paul Atkins’s confirmation before deciding how to proceed with the Ripple case.
Related: XRP Faces Crucial Test at $3.00 as SEC Case Continues
SEC Suffers Setback in Richard Heart (HEX, PulseChain) Case
In a separate legal battle, the SEC recently suffered a setback in its case against Richard Schueler, known as Richard Heart, and his crypto projects, Hex, PulseChain, and PulseX.
A judge in the U.S. District Court for the Eastern District of New York ruled in favor of Heart’s motion to dismiss the charges, citing a lack of personal jurisdiction.
The SEC had accused Heart of using investor funds for personal luxury purchases, including watches, cars, and diamonds. The case was originally filed in July 2023, claiming that Heart’s crypto assets violated federal securities laws by being unregistered.
Richard Heart Reacts: Projects “Operating Smoothly”
Judge Carol Amon, in her February 28 ruling, noted that while the SEC claimed Heart marketed
PulseChain on YouTube and his website, there was insufficient evidence to show that these activities were specifically targeted at the U.S.
She pointed out that Heart’s actions were global, with the marketing not clearly aimed at U.S. investors. As a result, the judge dismissed the case, allowing the SEC to amend their complaint.
Related: HEX Was Deliberately Designed to Make Richard Heart Rich: Investor
Following the court’s decision, Richard Heart expressed his appreciation for the ruling and reiterated his belief that PulseChain, PulseX, and HEX should be allowed to operate freely.
He also mentioned that these projects had been functioning smoothly for over five years.
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