US SEC withdraws lawsuit against Helium developer Nova Labs

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04-11 08:17

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On April 11, Nova Labs, a developer of Helium Network, said the Securities and Exchange Commission (SEC) had dropped allegations of the company selling unregistered securities.

Helium said in a blog post Thursday that this means selling “hardware and distribution of tokens to boost network growth” does not automatically make it a securities. The SEC sued Nova Labs in January, and a few days later, former chairman Gary Gensler resigned on Jan. 20. The lawsuit involves three Helium-related tokens—Helium Network Token (HNT), Helium Mobile Token (MOBILE) and Helium Internet of Things Network Token (IoT)—which the SEC claims are all unregistered securities.

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