SEC sues Helium founder for issuing unregistered crypto asset securities

The U.S. Securities and Exchange Commission has sued the founder of Helium, Nova Labs, alleging that it issued unregistered crypto asset securities and misled investors into believing it had partnerships with Lime, Nestlé, and Salesforce. The lawsuit was filed on Friday against three tokens associated with Helium: Helium Network Token (HNT), Helium Mobile Token (MOBILE) and Helium Internet of Things Network Token (IoT). The agency claims these tokens were sold as unregistered securities. The lawsuit aims to fine the company and prohibit it from buying, offering or selling any crypto assets offered in the form of securities. This enforcement action is one of the last taken by SEC under Chairman Gary Gensler's leadership before he resigns ahead of Donald Trump's inauguration for his second term as president on Monday.