$KIRK

Drop a quick "THANK YOU" below to both Michael Liftik of @quinnemanuel and David Kirk of @KirkIngramLLP for the outstanding work they did drafting the motion to dismiss, as well as preparing for and arguing Richard's case in the EDNY a few months ago. Those who were there know how well it went. But you don't always get the result you want, even when you feel like you've earned it. They earned it. They got it. THANK YOU!

RH VS SEC CASE SUMMARY🧵 This was a hearing on Richard Heart's motion to dismiss the SEC's case against him at 14:00 in New York The hearing focused on two main issues - personal jurisdiction and the SEC's fraud allegations. The courtroom was packed, with around 75 people attending across the main courtroom and an overflow room. This strong community turnout was noted. Personal Jurisdiction Arguments: A major focus of the hearing was whether the court has personal jurisdiction over Richard, who is based in Finland. The judge questioned the SEC extensively on what contacts or transactions Richard had within the United States that would allow a US court to exercise jurisdiction over him. The SEC argued that Richard's online activities, videos, and interactions with US-based individuals could establish jurisdiction. However, the judge seemed skeptical that the SEC had shown sufficient domestic transactions to meet the jurisdictional requirements. The judge drew comparisons to a previous crypto case she had presided over (the Plexcoin case), but ultimately found the facts in that case to be quite different from the current one. Fraud Allegations: The SEC alleged that Richard committed fraud by misusing funds raised through the Pulse Chain project. However, the judge pushed back on this, noting that if Richard delivered the product he promised (i.e. launching Pulse Chain), that would not necessarily constitute fraud even if he used some funds for personal expenses. The judge questioned the SEC's arguments, asking pointed questions like "where does the blockchain live?" - suggesting she was skeptical that the SEC had established the transactions occurred domestically. Richard's legal team presented a detailed timeline exhibit, which helped counter the SEC's attempts to make the chronology seem more suspicious. Legal Team Performance: Richard's legal team, particularly attorney David Kirk, were praised for their excellent preparation and lawyering. In contrast, the SEC's arguments seemed to struggle under the judge's probing questions, with the SEC at one point appearing to abandon its "alter ego" claim against Richard's other projects. Potential Outcomes: Based on the judge's questioning and the performance of the legal teams,@NuclearHerbs suggested Richard's team had a strong case for getting the SEC's claims dismissed on jurisdictional grounds. However, the final decision will likely take 60-90 days, as the judge considers all the arguments and evidence presented. Community Involvement: The strong community turnout and support for Richard was noted as significant, with Richard's legal team acknowledging and appreciating the community's presence. The community's involvement and professionalism in attending the hearing was praised by the speakers. All Credit @MatiAllin & @NuclearHerbs - Parts were taken from their Twitter Space Conversation

Recap: 1. Richard's team is fucking stellar. 2. The judge was VERY prepared and asked a lot of pointed questions that she obviously needed direct answers to in order to make her decision. 3. Richard's team, in general, gave more specific and definitive answers to the judge's questions. 4. The SEC had trouble clearing the hurdle of proving domestic securities transactions. This is big. That alone could end this case. When the judge asks you "where does the blockchain live" and you can't answer, that's a problem. 5. We not only packed the courtroom full, but needed an overflow courtroom to hold everyone that showed up. That will definitely make an impression on the judge. 6. Did I mention that Richard's team is gangster? Holy fuck these guys are good. Michael Liftik and David Kirk argued today. I'm just glad I never had to go up against people that good. Damn. 7. Expect 60-ish days for a decision. Could be denied entirely, granted in part, or granted in full. I don't make predictions, but I do like how the hearing went. 8. @MatiAllin and I just did a space. We discussed a lot of details about what happened. I also know @rhmaximalist did a stream that I was hoping to join, but missed his message about the time. My bad.