The U.S. Securities and Exchange Commission has officially dismissed its case against Nova Labs, the team behind the Helium Network, which had accused them of selling unregistered securities.
This development follows recent comments from Amir Haleem, CEO of Nova Labs, who revealed that the Solana-based Helium Network is preparing to challenge a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) on January 17 against the company.
In a subsequent April 11 blog post on its official Medium page, Helium celebrated the SEC’s decision as a
“major win for Helium and The People’s Network,”
marking a significant legal victory for the project.
The dismissal ends the long-standing regulatory uncertainty surrounding the status of its primary tokens—HNT, IOT, and MOBILE. The SEC’s decision to dismiss the case with prejudice ensures that the agency cannot refile the exact charges in the future.
Helium praised the SEC’s new leadership for providing much-needed clarity to crypto infrastructure projects, helping to resolve the uncertainty surrounding the Decentralized Physical Infrastructure Network (DePIN) sector. The company emphasized that this legal outcome confirms that selling hardware and distributing tokens to foster network growth does not inherently categorize them as securities under U.S. law.
However, the blog post did not address a $200,000 civil penalty. Court documents reviewed by Yahoo Finance revealed that Nova Labs agreed to pay the SEC to settle civil securities fraud charges. These charges stemmed from allegations that the company misled investors during a fundraising round in 2021-2022.
With this legal hurdle behind them, Helium and its community can now focus on making connectivity more affordable and accessible, striving for a future where everyone can connect without the barriers of high costs or centralized control. Helium’s goal remains clear: to challenge the status quo and create a more connected world powered by decentralization.
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