Nova Labs

The SEC's filing against Nova Labs came just days before Gary Gensler, SEC chair and crypto critic, is set to step down from leading the agency.

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Nova Labs, the firm behind the open-source Helium Network, just days before SEC chair and known crypto critic Gary Gensler steps down as chair on Jan. 20.

The SEC alleges that the company sold unregistered investment products, including those that mine cryptocurrency and a program that allowed users to trade their personal data for crypto assets.

In a statement on Jan. 17, the SEC alleged that Nova Labs sold unregistered securities by offering electronic devices called “Hotspots,” which mine the company’s cryptocurrency, Helium (HNT), as well as a program called “Discovery Mapping,” where users could trade their private data for crypto.

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