The SEC launched the probe in November 2024, issuing a Wells notice to Immutable over concerns that its IMX token sales violated securities laws. The agency’s latest decision to close the case aligns with a broader shift in regulatory strategy under Acting Chair Mark Uyeda, who has overseen the closure of multiple crypto-related investigations, including those involving Kraken, Gemini, Coinbase, Robinhood, Opensea, and others.
Immutable, an Australian company specializing in blockchain-based gaming and NFTs, argued its IMX token did not qualify as a security, criticizing the SEC’s previous “regulation by enforcement” approach as stifling innovation. This was an ongoing trend under Biden’s SEC during his presidency. The resolution allows the firm to refocus on scaling its platform, which supports zero-fee NFT transactions for gamers.
Market data shows the IMX token stabilizing at $0.69 to $0.715 post-announcement, a 15% rise, with 24-hour trading volume surging to over $100 million. This contrasts with a 13% price drop IMX realized in November 2024 after the Wells notice.
IMX/USD via Coinbase on March 25, 2025.
The SEC’s retreat follows legal precedents like the latest Ripple decision, which saw the SEC withdraw its appeal. Crypto and blockchain industry participants believe the SEC’s latest moves to relax enforcement could foster regulatory clarity, encouraging investment in crypto, Web3, and decentralized finance (DeFi).
Immutable’s co-founder Robbie Ferguson called the decision a “milestone,” emphasizing plans to advance digital ownership for gamers. The case adds to a trend of dropped probes under the Trump administration, signaling a potential pivot toward collaborative regulation.
“Last year, the SEC issued Immutable a Wells Notice,” Immutable wrote on the social media platform X. “That inquiry is now officially closed, with zero findings of wrongdoing, and the SEC is taking no action.”
The company added:
This is a huge win – not just for Web3 gaming but [for] everyone who believes in digital ownership rights. Let’s build.
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