• 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

a year 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

Mutuum Finance Implements Dual Lending Models for Enhanced User Experience

chest

Mutuum Finance introduces a dual lending structure combining Peer-to-Contract and Peer-to-Peer models to enhance liquidity and borrowing options.

user avatarJacob Williams

Plutus Introduces Dual-Token Model for Enhanced Loyalty Rewards

chest

Plutus has introduced a dual-token model with PLU and PLUS tokens to enhance loyalty rewards by separating the functions of a store of value and a medium of exchange.

user avatarSon Min-ho

Plutus Launches Plus More to Revolutionize Loyalty Programs

chest

Plutus has announced the launch of Plus More, a groundbreaking initiative designed to tackle the inefficiencies of traditional loyalty programs.

user avatarZainab Kamara

Trump Defends Actions Against Fed Amid Dimon's Criticism

chest

President Trump defends his actions regarding the Federal Reserve against criticism from JPMorgan CEO Jamie Dimon.

user avatarAyman Ben Youssef

Venezuela's Bitcoin Holdings Remain Unverified Amid Speculation

chest

Amid ongoing speculation about Venezuela's alleged Bitcoin reserves, official data reveals a stark contrast. While claims suggest the country may hold as much as 600,000 BTC, a major public tracker currently attributes only 240 BTC to the Venezuelan government, raising significant questions about the validity of the rumors.

user avatarKofi Adjeman

SEC Chair Paul Atkins Addresses Venezuela's Bitcoin Rumors

chest

SEC Chair Paul Atkins addresses rumors about Venezuela's Bitcoin reserves worth $60 billion, leaving the situation uncertain.

user avatarTando Nkube

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.