SEC Drops Helium Lawsuit
SEC Drops Lawsuit Against Helium
The US Securities and Exchange Commission (SEC) has dismissed its lawsuit against Nova Labs, the developer of the Helium decentralized wireless network. This decision, announced April 10, 2025, marks a significant victory for Helium and could signal a changing regulatory landscape for the cryptocurrency industry.
Filed in January 2025 under former SEC Chair Gary Gensler, the lawsuit alleged that Helium issued unregistered securities through its native token, HNT, in 2019. The dismissal, with prejudice, prevents the SEC from pursuing similar charges against Helium in the future.
Helium stated that the dismissal confirms that the sale of its hardware and distribution of HNT, IOT, and MOBILE tokens are not securities under the SEC's interpretation. This is a major win for the project, which boasts approximately 375,000 active hotspots.
The timing of the dismissal is noteworthy. It coincided with the appointment of Paul Atkins as the new SEC Chair, replacing Gensler. This change in leadership has already been followed by a reversal in several SEC cases against crypto firms, suggesting a more crypto-friendly regulatory approach.
A Shift in Regulatory Stance?
Under Gensler's leadership, the SEC filed numerous charges against Web3 developers for alleged securities violations. However, the new administration, under President Trump, has shown a noticeably different stance. Multiple charges against major players including Coinbase, Kraken, Ripple, and Uniswap have been dropped. This shift aligns with President Trump’s stated goal of making the US a global crypto leader.
While the new policy offers hope for the crypto industry, some executives express concerns regarding the administration's other economic policies, such as recent tariffs, and their potential impact on blockchain technology. The long-term effects of this policy shift remain to be seen.
HNT Market Cap: Approximately $480 million (April 10, 2025) - down from over $5 billion in November 2021.
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