SEC Dismisses Helium Token Lawsuit With Prejudice, Nova Labs Agrees to $200K Settlement

The U.S. Securities and Exchange Commission (SEC) has dismissed its lawsuit against Nova Labs, the developer of the Helium Network, which alleged that the company sold unregistered securities. Filed in January 2025, the lawsuit targeted the distribution of Helium's HNT, MOBILE, and IOT tokens, as well as the sale of hotspot devices.

The dismissal, made with prejudice, confirms that these tokens and devices are not considered securities under U.S. law. This decision prevents the SEC from refiling the case. As part of the resolution, Nova Labs agreed to pay a $200,000 settlement over separate fraud claims related to its Series D equity financing.

The case, filed under Gary Gensler's leadership, establishes a precedent for decentralized physical infrastructure networks (DePINs). It comes amid a leadership transition at the SEC, with Gensler recently stepping down.

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