With Donald Trump’s assumption of office, the traces of Gary Gensler, who left the presidency of the SEC, continue to fade.
At this point, the new SEC administration dropped the lawsuit it filed against Nova Labs, the developer of the decentralized wireless network Helium (HNT), on the grounds of issuing unregistered securities.
Helium announced in its official statement that the SEC has dropped the lawsuit.
The lawsuit filed in January 2025 was among the last lawsuits filed by former SEC chairman Gary Gensler just a few days before his resignation.
In the lawsuit against Nova Labs, the SEC claimed that the company sold HNT, MOBILE, and IOT tokens as unregistered securities and misled investors in the process.
“Today is a great victory for Helium and The People’s Network.
Nova Labs, the founding team of Helium, confirmed that the SEC has agreed to prejudicially deny the allegations that Nova Labs sold unregistered securities.
With this denial, we can now definitively say that the distribution of all compliant Helium Hotspots and tokens HNT, IOT, and MOBILE through the Helium Network is not a security.
Helium also added that the SEC will not be able to make such accusations against the company in the future.
Following the news, the prices of HNT, MOBILE, and IOT have risen.
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