Nova Labs, the company behind Helium, a decentralized wireless network, shared on April 10 that the US Securities and Exchange Commission (SEC) has officially closed its case against them.
The lawsuit, filed in January 2025, accused Nova Labs of offering unregistered securities when it launched the Helium
It was one of the last acts made by the SEC under former Chair Gary Gensler, who left his position on January 20. Helium’s CEO, Amir Haleem, described the lawsuit as “the last gasp of a failed crusade against crypto companies in the US”.
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Helium said the outcome confirms that its tokens—HNT, IOT, and MOBILE—and the sale of Helium Hotspots are not considered securities. The company also noted that using tokens to help grow a network does not automatically make them securities in the SEC’s view.
The SEC had also claimed that Nova Labs gave investors the wrong idea about partnerships with companies like Nestlé and Salesforce. But now that the case has been dropped with prejudice, the SEC cannot bring up the same accusations again.
Nova Labs agreed to pay $200,000 related to its Series D fundraising round as part of a separate agreement with the regulator. This was done without admitting or denying any wrongdoing.
On March 19, the SEC officially dropped its case and appeal against cryptocurrency firm Ripple. What did CEO Brad Garlinghouse say about the decision? Read the full story.
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