SEC Drops Case Against Helium Network Developer

The U.S. Securities and Exchange Commission (SEC) has dismissed its case against Nova Labs, the developer of Helium. The company had been accused of issuing unregistered securities.

The lawsuit was filed in early 2025. It was one of the last initiatives by the SEC against crypto projects under the leadership of former chairman Gary Gensler, who resigned on January 20.

The case was dismissed “with prejudice,” preventing it from being refiled.

“We can now confidently assert that Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens through the Helium Network are not securities,” the company noted.

According to project representatives, the decision sets an important precedent: the distribution of tokens for network development and the sale of equipment do not fall under SEC regulation.

The lawsuit was dismissed on the day Paul Atkins was confirmed as the Commission’s chairman.

Earlier this year, the regulator ceased investigations against Coinbase, Robinhood, Ripple, Kraken, ConsenSys, Cumberland, and Uniswap.