Odaily News The U.S. Securities and Exchange Commission (SEC) rejected Hex founder Richard Heart's attempt to terminate the lawsuit against him, saying it has the right to proceed with the case. The SEC accused Heart of raising more than $1 billion through an unregistered securities offering and using the funds for personal luxury goods. Heart's lawyers countered that Hex, PulseChain and Pulse X are not securities, and that Heart did not promise a return on investment, so it did not constitute fraud. The SEC insisted that these assets are investment contracts and fall into the category of securities. The next hearing in the case is scheduled for October 24. (TheBlock)