Nova Labs Settles SEC Charges for $200,000 Without Admitting Wrongdoing
Nova Labs, creator of DePIN Helium, announced that the SEC has dropped its lawsuit against them, a few months after it was filed. The firm will pay $200,000 to settle a civil securities fraud charge related to misleading institutional investors about partnerships. Nova Labs did not admit to wrongdoing.
The settlement ensures that the SEC will not classify any of Nova's three tokens—HNT, IOT, and MOBILE—as securities. Nova Labs stated that this outcome clarifies that selling hardware and distributing tokens for network growth does not automatically categorize them as securities.
This development signals a shift in the regulatory landscape as new SEC Chair Paul Atkins takes over, suggesting fewer crypto cases may be pursued in the future.