Summary
- The US SEC has reportedly withdrawn its lawsuit against Nova Labs over unregistered securities sales.
- Helium stated that the sale of hardware and token distribution for network growth is not automatically considered securities.
- The withdrawal decision is emphasized to remove legal uncertainties for crypto-based DePIN projects.
The United States Securities and Exchange Commission (SEC) has withdrawn its lawsuit against Nova Labs, the developer of the Helium Network, regarding unregistered securities sales.
According to The Block on the 11th (local time), the Helium Network announced on its blog that "the SEC has withdrawn its lawsuit against Nova Labs regarding unregistered securities sales."
Helium stated, "The sale of hardware and token distribution for network growth is not automatically considered securities," adding, "This outcome will remove legal uncertainties for DePIN (Decentralized Physical Infrastructure Networks) projects that build physical infrastructure with crypto-based incentives."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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