HEX and PulseChain Founder Richard Heart, also known as Richard Schueler by his real name, absolutely went off on the US Securities and Exchange Commission (SEC) Chairman, Gary Gensler, in a shocking rant on his latest livestream, suggesting a court action against the securities chair is needed.
In case you are not aware, the SEC has been going after Richard Heart, accusing him of having an unregistered securities offering and misappropriating investor funds. The regulatory agency also tried to serve him with a lawsuit for the past few months, but they were not able to locate him.
Now, Richard Heart in his recent Christmas video stream, has seemingly responded to the entire situation and also dropped major bombshells on the SEC as an organization.
Read: US SEC Cracks Down On Richard Heart’s Alleged $1 Billion Crypto Fraud Scheme
Richard Heart’s Comments Against The SEC
This is what Heart had to say regarding the SEC, “The administrative state, a fourth branch of government, that’s not supposed to exist of unelected bureaucrats that is writing all the laws, encumbering millions of people with regulations and there’s no counterplay. Your counterplay is to sue them in court and get them declared arbitrary and capricious.”
What he did say about the SEC lying is true and I do think the general sentiment in crypto is that most people do tend to dislike the SEC and that they are overstepping in the crypto space. But the rant does not end there — he then goes on to accuse Gary Gensler of being corrupt.
“The SEC has lost four of their last five cases in front of the Supreme Court… Gary Gensler likes to go on television speaking outside of his capacity of the SEC. So he’ll go in interviews with people and say that he’s not speaking on behalf of the SEC. Well buddy, that means you’re speaking on behalf of yourself… You, Gary Gensler, are manipulating markets outside of your authority at the SEC, which means you are personally responsible… You’re on record teaching at MIT saying that 75% of tokens are not securities.”
He then makes the point that people in the SEC need to be held personally responsible for their bad actions.
“I would love to see Gary Gensler catch a charge for manipulating markets with his speech outside of his capacity at the SEC. I would love to see him catch a charge for violating his oath. I’d love to see people suing him directly… If you’re a guard in a jail, and you violate someone’s rights, you can’t be sued around your qualified immunity. If you decide to go outside of your authority and outside of your qualified immunity protection to make statements that damage markets, maybe you should be held personally responsible for that.”
Final Thoughts
What do you think about this rant from Richard Heart? Is he in the right here accusing the SEC of being corrupt, or are you more on the SEC’s side?
Regardless, Richard Heart may inevitably be forced to attend the SEC’s summons in the future as he cannot hide forever. But also do note that he still remains innocent until proven guilty.