SEC Ends Legal Battle with Another Crypto Company
Nova Labs, the team behind the Helium decentralized wireless network, has scored a decisive legal win after the U.S. Securities and Exchange Commission dropped its case accusing the company of offering unregistered securities.
The lawsuit, originally filed in early 2025 during the final days of Gary Gensler’s tenure as SEC Chair, was officially dismissed on April 10, according to a statement from Helium.
This dismissal, made “with prejudice,” ensures the SEC can’t pursue the same allegations again—specifically over Helium’s distribution of its native HNT token back in 2019. In a blog post, the company emphasized that this resolution confirms their network’s tokens—including HNT, IOT, and MOBILE—do not fall under the category of securities. Helium also argued that providing hardware and issuing tokens to incentivize network participation doesn’t violate federal securities laws.
The reversal came just as Paul Atkins, nominated by President Donald Trump, took over leadership of the SEC. The leadership change signals a broader shift in regulatory posture. Under Gensler, the SEC launched a flurry of enforcement actions against crypto projects, often targeting them for allegedly selling tokens that resembled investment contracts. Since Trump’s inauguration and Gensler’s exit in January, several high-profile cases have been dropped, with companies like Ripple, Uniswap, Kraken, and Coinbase seeing charges rolled back.
Helium, which allows individuals to contribute to a global wireless network by setting up physical hotspots, claims over 375,000 active nodes. Though its token once reached a market cap of over $5 billion in 2021, HNT currently stands at around $480 million, according to CoinGecko.
While Trump’s administration has embraced crypto more openly—pledging to make the U.S. a hub for digital assets and even proposing a national Bitcoin reserve—some within the industry remain cautious. His broader economic policies, including sweeping import tariffs, could still complicate the road ahead for crypto development.
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
