SEC withdraws lawsuit against Helium developer Nova Labs

BlockBeats News: On April 11th, Nova Labs, the developer of Helium Network, announced that the US Securities and Exchange Commission (SEC) has withdrawn the company's allegations of selling unregistered securities. Helium stated in a blog post on Thursday that selling "hardware and distributing tokens to promote network growth" does not automatically make it a security. The US Securities and Exchange Commission sued Nova Labs in January this year, and a few days later, former chairman Gary Gensler resigned on January 20th. The lawsuit involves three tokens related to Helium - Helium Network Token (HNT), Helium Mobile Token (MOBILE), and Helium Internet of Things Network Token (IoT) - all of which the SEC claims are unregistered securities.