United States Senator Dick Durbin proposed legislation aiming to reduce fraud through crypto ATMs.
A district court judge dismissed a United States Securities and Exchange Commission’s (SEC) lawsuit alleging that Hex founder Richard Heart raised over $1 billion through unregistered crypto offerings and defrauded investors of more than $12 million. Heart, whose real name is Richard Schueler, was also accused of spending the money on luxury items.
Judge Carol Bagley Amon said the case couldn’t be decided because the SEC had failed to establish that the US had jurisdiction over Heart’s crypto activities. The judge said the activities were global and did not specifically target US-based investors.
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