• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

SEC's Charges Against Nova Labs: A Case Overview

user avatar

by Giorgi Kostiuk

10 months ago

The US SEC has filed charges against Nova Labs, accusing the company of unregistered securities sales and false partnership claims.

Allegations Against Nova Labs

The SEC claims Nova Labs has been selling unregistered investment contracts since April 2019. The company offered two main products: hotspots, electronic devices that mine Nova Labs crypto assets, and the Discovery Mapping Program, which pays users in MOBILE tokens for providing network data.

Cease and Desist Letters

Nova Labs falsely claimed partnerships with companies like Nestle, Salesforce, and Lime, using their wireless network, which was not true. These companies sent cease-and-desist letters to Nova Labs on discovering the false claims.

Gensler's Last Stand

It is speculated that this could be one of the last actions under Gary Gensler's chairman appointment, who plans to step down on January 20. Gensler is known for his rigorous enforcement approach in the crypto sector.

The regulatory stance may shift under new leadership. The newly elected US president, Donald Trump, supports more crypto-friendly regulatory measures.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Axie Infinity Introduces AIP003 to Boost Governance Participation

chest

Axie Infinity has launched AIP003, a new feature that allows AXS tokenholders to delegate their votes, enhancing governance participation.

user avatarKofi Adjeman

Kraken Redefines Trust in Crypto

chest

Kraken has established itself as a leader in the crypto industry by prioritizing regulation, transparency, and security over market hype.

user avatarNguyen Van Long

Kraken's Strategic Focus on Core Services

chest

In 2025, Kraken decided to shut down its NFT marketplace to concentrate on its core services, focusing on trading, custody, and institutional services.

user avatarSatoshi Nakamura

India to Launch ARC Stablecoin Backed by Rupee in 2026

chest

India plans to introduce the ARC stablecoin, a digital asset tied to the rupee, in early 2026, aiming to reduce outflows to USD-backed stablecoins.

user avatarJesper Sørensen

WBT Token Hits New All-Time High After Strategic Partnership Announcement

chest

WBT token surged by 20% to a new all-time high of 62.96 after a strategic partnership announcement with Durrah AlFodah Holding.

user avatarRajesh Kumar

WhiteBIT and Durrah AlFodah Holding Join Forces for Blockchain Advancement in Saudi Arabia

chest

WhiteBIT has announced a strategic partnership with Durrah AlFodah Holding to promote the growth of blockchain technology in Saudi Arabia.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.