• 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

3 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

Share

Other news

Arthur Hayes Forecasts Bitcoin Dominance to 70%

Arthur Hayes believes Bitcoin will continue to rise in dominance, potentially reaching 70% in the cryptocurrency market.

user avatarGiorgi Kostiuk

8 minutes ago

Tariffs and the Market: Challenging Times for the Economy

Exploring the potential consequences of significant tariffs on Chinese goods and their impact on financial markets.

user avatarGiorgi Kostiuk

9 minutes ago

Bitcoin Demonstrates Resilience Despite Market Downturn and Trump's Tariffs

Bitcoin shows resilience even as markets decline due to tariffs. Learn about the current state of the cryptocurrency and its response to economic changes.

user avatarGiorgi Kostiuk

10 minutes ago

Cryptocurrency Market: Ethereum and XRP at a Crossroads

Ethereum and XRP have faced significant price declines. Both assets, despite recent challenges, continue to demonstrate potential for growth.

user avatarGiorgi Kostiuk

32 minutes ago

EU Begins Implementing Tariffs on US Imports Starting April 15, with Major Sector Impacts Ahead

Starting April 15, the EU will impose tariffs on US imports, with significant impacts expected on sectors such as steel and automobiles.

user avatarGiorgi Kostiuk

33 minutes ago

Jamie Dimon's Concerns About Trump's Tariffs and Their Impact on the U.S. Economy

Jamie Dimon, CEO of JPMorgan Chase, expressed concerns in his letter to shareholders regarding the potential negative impact of tariffs on the U.S. economy.

user avatarGiorgi Kostiuk

34 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.