The SEC has withdrawn its unregistered securities claims against Nova Labs

ChainCatcher news, according to The Block, Helium Network's developer Nova Labs stated that the U.S. Securities and Exchange Commission (SEC) has dropped the charges against the company for selling unregistered securities.

Helium stated in a blog post on Thursday that this means selling "hardware and distributing tokens to facilitate network growth" does not automatically make it a security. The SEC sued Nova Labs in January of this year, and a few days later, former chairman Gary Gensler resigned on January 20. The lawsuit involves three tokens related to Helium: Helium Network Token (HNT), Helium Mobile Token (MOBILE), and Helium Internet of Things Token (IoT), which the SEC claims are all unregistered securities.