Days before SEC Chairman Gary Gensler, a well-known cryptocurrency critic, resigned as chairman on January 20, the US Securities and Exchange Commission (SEC) announced that Nova Labs, which operates the open source Helium Network, filed a lawsuit against.
The SEC alleges that the company sold unregistered investment products, including products that mine cryptocurrencies and programs that allow users to exchange personal data for crypto assets.
Days before Gensler resigned, Nova Institute was hit with a lawsuit.
in statement On January 17, the SEC said Nova Labs offered an electronic device called “Hotspot” to mine the company's cryptocurrency Helium (HNT) and a program called “Discovery Mapping” that allowed users to trade their assets. He claimed that by doing so, he sold unregistered securities. Cryptocurrency private data.
The term “unregistered securities” is well known in the crypto industry, and several similar cases have been filed over the years under Gensler's leadership at the SEC.
Despite Ripple Labs’ big win for the industry in July 2023, the ruling that XRP (XRP) does not qualify as an unregistered securities sale in connection with a programmatic sale on a digital asset exchange The SEC quickly challenged this decision and filed an appeal. bring the action.
Meanwhile, the SEC also found that major companies such as micromobility company Lime, food and beverage giant Nestlé, and cloud computing software company Salesforce were allegedly using or relying on the company's wireless network. , accused Nova Institute of making false claims to potential investors. do not have.
SEC could dismiss certain crypto cases in 2025
However, following the inauguration of new leadership at the SEC on January 20th, the SEC may reportedly consider dropping certain cryptocurrency enforcement cases.
Related: SEC charges Digital Currency Group with misleading investors
The SEC may revisit existing lawsuits against crypto companies in the first days of Trump's presidency, according to a Jan. 15 Reuters report citing “people briefed on the matter.” It is said that there is.
The report suggests that the commission may freeze cases that do not involve fraud charges, and suggests that cases that allege only securities law violations.
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