• 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

Global Derivatives Compliance Crisis: A Costly Challenge for Financial Institutions

chest

The global derivatives market is facing a compliance crisis due to fragmented regulations post-2008 financial crisis, costing institutions 5-10% of their annual revenue.

user avatarNguyen Van Long

Google to Sell TPUs Externally, Expanding Revenue Opportunities

chest

Google is preparing to sell its 7th-generation TPUs to external companies, creating a new revenue pipeline.

user avatarSatoshi Nakamura

Taurus and Everstake Partner to Transform Institutional Staking

chest

Taurus and Everstake have formed a strategic partnership to integrate institutional staking for major cryptocurrencies directly into Taurus's custody solution.

user avatarJesper Sørensen

Elliott Wave Analysis Suggests Potential Bullish Breakout for Cardano ADA

chest

Analyst Mintern presents a bullish case for Cardano ADA based on Elliott Wave theory, indicating a possible breakout.

user avatarRajesh Kumar

Blockchain and AI Collaboration Sees New Milestone

chest

The collaboration between Walrus Protocol and Talus Labs marks a significant milestone in integrating AI with blockchain storage, expected to drive growth in the blockchain sector.

user avatarRajesh Kumar

JPMorgan Issues Warning on MicroStrategy's Potential Delisting

chest

JPMorgan has raised concerns about MicroStrategy's potential delisting from major equity indices due to a significant drop in institutional holdings.

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.