web3.0title: Helium (HNT) price surges after the U.S. Securities and Exchange Commission (SEC) dismisses its lawsuit against the protocol
A Solana (SOL)-based decentralized wireless network crypto project is skyrocketing after the U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against the protocol.
The U.S. Securities and Exchange Commission (SEC) has dismissed its lawsuit against Solana (SOL)-based decentralized wireless network crypto project Helium (HNT), according to the development team.
In a new thread on X, the development team says that the regulatory agency has dropped its lawsuit against the crypto platform, which alleged that they violated securities laws.
Helium developer Nova Labs has agreed to pay the SEC $200,000 to settle the accusation without admitting to any wrongdoing, according to a press release.
“The SEC has agreed to dismiss its unregistered securities claims with prejudice. Helium Hotspots and the distribution of HNT, MOBILE, and IOT through the Helium Network are not securities. It also means that the SEC cannot bring these charges against Helium again.”
Earlier this year, the SEC, which originally filed the suit in January, had accused Nova Labs of distributing unregistered securities.
“We are pleased to announce that the SEC has agreed to dismiss its claims against Nova Labs with prejudice,” said Stiller. “This is a significant development, as the SEC’s claims have been a distraction for the Helium community since January.”
News of the dismissal caused HNT to rally as it went from a low of $2.62 on April 10th to a peak of $3.03 just a day later. It has since retraced and is trading for $2.96, a 9.9% increase during the last 24 hours.
This marks another lawsuit dropped by the SEC against crypto giants this year after President Donald Trump took office. Other dissolved cases include ones against the crypto exchanges Kraken and Coinbase, retail trading giant Robinhood, non-fungible token (NFT) marketplace OpenSea, and crypto wallet developer MetaMask.
News data source: kdj.com
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