Gary Gensler, who left his position as SEC chairman with Donald Trump's inauguration, continues to be erased.
At this point, the new SEC administration has dropped its lawsuit against Nova Labs, the developer of decentralized wireless network Helium (HNT), for allegedly issuing unregistered securities.
Helium announced in an official statement that the SEC had dropped the case.
The lawsuit, filed in January 2025, was among the last lawsuits filed by former SEC chairman Gary Gensler, just days before he resigned.
In its lawsuit against Nova Labs, the SEC alleged that the company sold HNT, MOBILE, and IOT tokens as unregistered securities and misled investors.
“Today is a huge victory for Helium and The People's Network.
Nova Labs, the founding team behind Helium, confirmed that the SEC has agreed to dismiss with prejudice allegations that Nova Labs sold unregistered securities.
With this disclaimer, we can now definitively state that all compatible Helium Hotspots and the distribution of HNT, IOT and MOBILE tokens via the Helium Network are not securities.
Helium added that the SEC may not pursue such charges against the company again in the future.
Following the news, HNT, MOBILE and IOT prices rose.
*This is not investment advice.
