The SEC Dismisses Lawsuit Against Helium Developer Nova Labs

BlockBeats News, April 11, Nova Labs, the developer of the Helium Network, stated that the U.S. Securities and Exchange Commission (SEC) has dropped the charges against the company for selling unregistered securities.

In a blog post on Thursday, Helium stated that this means that selling "hardware and distribution tokens to promote network growth" does not automatically make it a security. The U.S. Securities and Exchange Commission sued Nova Labs in January of this year, and a few days later, former Chairman Gary Gensler resigned on January 20. The lawsuit involved three tokens related to Helium—the Helium Network Token (HNT), the Helium Mobile Token (MOBILE), and the Helium IoT Network Token (IoT)—with the SEC claiming that these tokens were all unregistered securities.