APERTUM FOUNDATION AND JOSIP HEIT WIN MAJOR SECURITIES LAWSUIT AGAINST TEXAS REGULATOR

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Quinn Emanuel Urquhart & Sullivan, LLP

31 Jul, 2025, 17:52 GMT

Law firm Quinn Emanuel Announces Dismissal of All Claims

NEW YORK, July 31, 2025 /PRNewswire/ -- Digital asset technology developer The Apertum Foundation and its senior advisor, Josip Heit, have prevailed in their litigation against the Texas State Securities Board. The Securities Board has dismissed all claims against the Foundation and Mr. Heit and has withdrawn its prior cease-and-desist order.

The Apertum Foundation is the developer of the Apertum blockchain and its native cryptocurrency token. In April 2025, the Texas Securities Board issued a cease-and-desist order claiming that the Apertum token was an unregistered security. On behalf of the Apertum Foundation and Mr. Heit, Quinn Emanuel challenged the order as an abuse of the Securities Board's jurisdiction, principally on the basis that the Apertum token is not a security under U.S. federal law or the Texas Securities Act. Neither the token itself nor the Apertum Foundation's DAO1 decentralized finance (DeFi) platform is or offers an investment contract within the meaning of the securities laws.

"This dismissal is a big win for the Apertum Foundation and Mr. Heit," said Avi Perry, co-Chair of the Securities Litigation Group at Quinn Emanuel. "This case should never have been brought, and we fought hard to reach the right result. The Texas Securities Board's allegations were incorrect, and we are thrilled for our clients that the meritless cease-and-desist order against them has been withdrawn in its entirety. We credit the Securities Board for acknowledging its error and dismissing this case."

"From Day One, the Apertum Foundation has offered a compliant, safe platform and cutting-edge technology," said Josip Heit, senior advisor to the Foundation. "We promised to defend ourselves aggressively against the Texas Securities Board's mistaken allegations, and we have now been vindicated. This dismissal confirms we did nothing wrong. We will continue to offer transformative technology to our users and to work with our lawyers to comply with all applicable laws in the jurisdictions where we operate. Thank you to our users for standing with us."

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