In a surprising twist, traders witnessed a significant surge in Hex coin price as it almost doubled amidst ongoing legal battles. Richard Heart, the enigmatic founder of Hex Coin, has taken a stance against charges brought by the U.S. Securities and Exchange Commission (SEC), fueling a significant buying demand for the altcoin.
Richard Heart Prepares For A Fight Back
Richard Heart has recently emerged online to confront allegations made by the US Securities and Exchange Commission (SEC). Flanked by a team of prominent attorneys, Heart is actively contesting the SEC’s claims of securities fraud.
Heart’s attorneys submitted a letter to Judge Carol Bagley Amon of the United States District Court for the Eastern District of New York. Dated January 9, 2024, the document signals their plan to seek a pre-motion conference, a response to the SEC’s accusations. These allegations involve Heart’s role in developing Hex, PulseChain, and PulseX, purportedly breaching federal securities laws.
Heart’s legal team is opposing the SEC’s assertion that he was involved in selling “crypto asset securities” and misusing funds. Their defense lies in the character of blockchain technology.
Heart himself has been vocal, taking to Twitter with a message that accompanied the legal letter:
“The SEC is attacking the very tech that it needs. Cryptographically verifiable authentication, proof and publication. Blockchains are the first and only immutable public ledger communications technology. Open source, peer to peer software. Millions of people use blockchains to publish pictures, text, messages, literature and more every day. Technology is the future. We pray to the courts to defend the constitution and your rights.”
His legal representatives maintain that the disputed software functions on a globally decentralized network of computers, operating autonomously from any corporate or business influence. This aspect of decentralization, they assert, is a critical element that the SEC’s complaint fails to adequately consider.
The legal filing also contests the SEC’s jurisdiction and the legitimacy of serving the complaint to Heart. The argument focuses on Heart’s absence from the United States, both in residence and business activities, for more than ten years. This raises questions about the SEC’s rationale for presuming that Heart should have anticipated legal proceedings in the US.
A significant issue highlighted by Heart’s legal team is the complaint’s vague references concerning any US-based entities, contracts, or marketing activities. This lack of detail forms a crucial part of their challenge to the SEC’s allegations.
HEX Coin Price Holds Buying Pressure
Hex’s value surged past its moving averages recently as buying pressure intensified $0.0045. As a result, Hex recorded a robust upward volatility after months and touched a 2-month high recently. As of writing, Hex price trades at $0.0082, surging over 48.3% from yesterday’s rate.
The HEX/USDT pair is showing promising signs on the 4-hour price chart, as per data from TradingView. However, sellers are strongly defending a surge above the $0.009 resistance. Notably, the 20-day Exponential Moving Average (EMA) is on a steady surge, and the Relative Strength Index (RSI) is in an overbought zone, indicating an upcoming correction for the HEX coin price. However, a close above $0.01 would mark the completion of a bullish pattern for Hex price, potentially sending the price toward a new high of $0.012. If the price gains buyers’ confidence, it might surge further and consolidate near $0.018.
However, this optimistic scenario could be negated if the market becomes negative following bearish news from the SEC, plunging the HEX price from its current level. In such a case, the Hex price might test buyers’ patience at $0.007. This might trigger intense selling pressure and push the price below EMA20 to consolidate above $0.004.
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