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The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Nova Labs, Inc. on January 17, 2025, alleging that the company engaged in unregistered offerings of crypto asset securities and investor fraud. The SEC claims that from April 2019 to the present, Nova Labs sold electronic devices known as 'Hotspots' that mined the company's crypto assets, and operated a program called 'Discovery Mapping' that allowed users to trade data for crypto. The SEC is seeking a permanent injunction against Nova Labs, along with disgorgement of illegal proceeds and prejudgment interest. This lawsuit is noted to be one of the last actions taken by outgoing SEC Chair Gary Gensler. Helium CEO Amir Haleem has stated that the company will vigorously defend itself against the allegations, asserting that the claims lack merit and that the lawsuit represents a misguided effort against crypto companies in the U.S.
The SEC has charged Nova Labs with fraud! 🚨 They claim Nova lied about deals with Lime, Nestlé, and Salesforce, and offered unregistered crypto assets since 2019. This isn’t just another case—it’s Gensler’s final move as SEC Chair, marking a huge strike on crypto before his…
Gensler couldn’t regulate crypto as a security because a security is actually backed by something. There are cash flows from an asset you can measure (in theory). If you invent a ‘coin’ one day it’s just nothing. An invention. There is no way to valuate it other than irrational…
Horseshit. Helium's one of the most interesting projects out there. Hope the new management at the SEC restores some sanity at the agency. https://t.co/ftuDcAj5cO
