The SEC has filed a lawsuit against Nova Labs, the company behind the Helium Mobile network, accusing it of fraud and registration violations. This action marks the end of Gary Gensler's four-year term as SEC chair, during which he often clashed with the crypto industry. The SEC claims that the services provided by Nova Labs, which include wireless connectivity and token rewards, amount to unregistered securities sales. Additionally, Nova Labs is accused of misleading investors about partnerships with major companies like Lime, Nestlé, and Salesforce, which the company later retracted from its website. Nova Labs CEO Amir Haleem argues that the SEC's claims are unfounded and has highlighted evidence to support their partnerships. With expectations that a future SEC under President Trump may adopt a more crypto-friendly approach, the legal outcome of this case remains uncertain. However, any ongoing litigation under accusations of fraud may still be pursued. The situation underscores the unresolved debate about the regulatory status of cryptocurrencies.

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