The SEC has filed a lawsuit against Nova Labs, the developer of the Helium Mobile crypto-enabled cell network, accusing them of fraud and registration violations. This lawsuit marks the end of Gary Gensler's tenure as SEC chair and reflects the regulator's contentious relationship with the crypto industry. The SEC claims that the Helium hotspots and discovery mapping offered by Nova Labs constitute unregistered securities sales. Nova Labs denies these claims and argues that the SEC's lawsuit is irresponsible. The ongoing debate over whether most crypto tokens are securities may become less relevant as President Trump aims to give the CFTC regulatory control over crypto. The SEC's lawsuit against Nova Labs may face challenges as Trump's SEC is expected to freeze crypto litigation not involving fraud.



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