SEC Files Lawsuit Against Nova Labs for Selling Unregistered Investment Products and Trading User Data for Crypto

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Nova Labs, the company responsible for the open-source Helium Network, for selling unregistered investment products that mine cryptocurrency and a program that traded user data for crypto assets. The SEC alleges that Nova Labs sold unregistered securities by offering electronic devices called "Hotspots" and a program called "Discovery Mapping." The SEC also accused Nova Labs of making false claims to potential investors about major companies using or depending on its wireless network. The SEC may review its existing court cases against crypto firms in the first few days after Trump's inauguration and could freeze litigation that does not involve fraud allegations.