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With Trump’s arrival, a significant positive shift for crypto investors has primarily occurred within the SEC. Recently, the agency announced that meme coins are not classified as securities. In a further development, another altcoin‘s lawsuit was dismissed, contributing to a rise in its price.
Why is HEX Coin Rising?
The SEC has recently taken substantial steps forward. The lawsuit against Binance has been frozen for 60 days, and the lawsuit against Coinbase has been officially dismissed. Investigations into MetaMask and UniSwap have also been closed, and the Wells notice sent to Robinhood was concluded without action. As a result, the price of HEX Coin surged again amidst a general market downturn, following the dismissal of charges against its founder.
Judge Carol Bagley Amon of the U.S. District Court in Brooklyn officially dismissed the case. The SEC had accused PulseChain and Richard Heart of defrauding investors. Unlike other lawsuits, this case involved allegations of misuse of funds, with claims that the team spent collected funds on luxury expenses instead of technology development.
What set this dismissal apart from others like Coinbase was the judge’s determination that the allegations were insufficient. The SEC retains the right to reopen the case within 20 days, potentially reversing today’s price surge if they provide additional evidence. This ruling might serve as a precedent for other “misuse of funds” lawsuits, prompting the SEC to continue demonstrating its commitment to fighting fraud, especially if solid evidence is presented.
