The Solana (SOL)-based distributed wireless network Crypto project is on the rise after the US Securities and Exchange Commission (SEC) dismissed a lawsuit against the protocol.
In a new thread on social media platform X, the development team at Helium (HNT) says that regulators have dropped lawsuits against the Crypto platform.
According to a press release, Helium developer Nova Labs has agreed to pay SEC $200,000 to resolve the charges without admitting fraud.
News of the firing caused HNT to peak at $3.03 just a day from the $2.62 lowest on April 10th, at $2.62. It has since retreated and traded at $2.96, an increase of 9.9% over the past 24 hours.
The SEC, which originally filed a lawsuit in January, accused Nova Labs of distributing unregistered securities.
“The SEC has agreed to dismiss unregistered securities claims on bias. The distribution of HNT, mobile and IoT through helium hotspots and helium networks is not securities, and this also means that the SEC is unable to bring these charges for helium again.”
In a recent blog post, Helium says that the firing in this case is a “groundbreaking result” of the digital asset industry and Depin (decentralized physical infrastructure network) technology, which represent real-world infrastructure.
“This groundbreaking result is a pivotal turning point for the helium community and the crypto industry as a whole, removing the legal uncertainty of the Depin project, which uses crypto incentives to build real-world infrastructure.
By claiming unregistered securities claims on SEC on bias, the result establishes that even if you sell hardware for network growth and distribute tokens for network growth, it will not automatically become securities in the SEC’s eyes. ”
This shows another lawsuit dropped by the SEC against Crypto Giants this year after President Donald Trump took office. Other cases of disbandment include the crypto exchange between Kraken and Coinbase, retail giant Robinhood, non-capacity token (NFT) marketplace Opensea and Crypto Wallet Developer Metamask.
Generated Image: Midjourney
