The US Securities and Exchange Commission (SEC) has filed a lawsuit against Richard Schueler, also known as Richard Heart, and his three crypto-asset offerings for conducting unregistered offerings of crypto asset securities that raised more than $1 billion in crypto assets from investors. The SEC alleges that Schueler conducted unregistered crypto securities sales and orchestrated a multimillion-dollar fraud scheme, misappropriating investor funds for a luxurious lifestyle and extravagant purchases. The lawsuit accuses Schueler of marketing Hex tokens as an Ethereum-based "Certificate of Deposit" with the promise of a 38% annual return, but the Commission contends that this promise was nothing more than a smokescreen for an elaborate scheme designed to deceive investors. The SEC has demanded a jury trial to hold Schueler accountable for the alleged securities fraud, seeking a permanent ban on Schueler and his projects from selling crypto asset securities, recouping ill-gotten gains, securing prejudgment interest, and imposing civil penalties. It is important to remember that at this stage, the allegations against Schueler have not been proven, and there is no concrete evidence yet to definitively label him as a criminal.