Mr Coins 🥂

SEC Formally Ends Case Against Richard Heart — No Amended Complaint to Be Filed Today, the U.S. Securities and Exchange Commission (SEC) submitted official notice to the Eastern District of New York confirming it will not file an amended complaint in the case SEC v. Richard J. Schueler (a.k.a. Richard Heart), HEX, PulseChain, and PulseX (Case No. 1:23-cv-05749-CBA-PK). The original complaint, filed in July 2023, alleged violations related to unregistered securities and misappropriation of funds. On February 28, 2025, U.S. District Judge Carol Bagley Amon dismissed the SEC’s complaint in full, granting the Commission leave to amend. That deadline was later extended to April 21, 2025. In a letter filed today, the SEC officially declined to amend the complaint, bringing the case to a final and conclusive end. This decision confirms that HEX, PulseChain, and PulseX are not securities, as determined by the Court, and affirms the decentralized nature of the projects built by Richard Heart. This outcome marks a major legal and ideological victory for decentralized finance and the broader crypto industry.

Literally, why the f would you have unlimited mintability of the governance token on a protocol that has more than 7 billion of highly liquid collateral to be redeemed by it on Ethereum?! Not even considering the mints you can do by modifying the oracles to acquire all the Dai liquidity and being able to short everything that would crash with Dai nuking on Ethereum. I wonder how hard would it be to bribe delegates to share those billions with the keys they hold? Maker is beautifully designed and there is a lot of thought put to it all. But the vulnerabilities are so high risk to nuke Ethereum that it's hard to ignore them.