Source: Cointelegraph Original: "{title}"
Web3 gaming platform Immutable announced that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the company and will not take further regulatory action.
As the developer of the Ethereum Layer 2 network ImmutableX, Immutable stated in a March 25 announcement that the SEC terminated the investigation without finding any violations, marking the end of the "Wells notice issued by the SEC last year." In November, Immutable disclosed that it had received a Wells notice from the SEC—this document typically indicates that the regulatory agency is considering enforcement action after determining there is evidence of a violation of securities laws.
"We are pleased that the SEC has completed its investigation. This is a milestone for both the cryptocurrency industry and the gaming sector as we move towards a future of regulatory clarity," said Robbie Ferguson, President and Co-founder of Immutable, in the statement.
An Immutable spokesperson revealed to Cointelegraph that the closure notice sent by the SEC did not specify the exact reason for terminating the investigation. The spokesperson indicated that this letter was issued proactively by the SEC, and the agency's review of the materials submitted by Immutable "seems to have directly contributed to the termination of the investigation."
In a blog post last November, Immutable stated that the SEC's investigation might focus on its "listing and private sale" activities related to the Immutable (IMX) token it issued in 2021.
Immutable's post on X after receiving the Wells notice in November 2024. Source: Immutable
The company stated that it had a 10-minute call with the SEC after receiving the Wells notice. The SEC alleged that a blog post from Immutable in 2021 contained false statements—specifically, the post mentioned investments made at a price of $0.1 before the IMX token issuance and labeled "10 dollars (pre-split price of 1:100)." The regulatory agency believed this wording implied that there was no value exchange between the parties involved in the transaction.
At that time, Immutable stated that it was "confident in its position" and would actively respond to the regulatory allegations.
During President Trump's administration, the SEC withdrew several pending and ongoing enforcement actions against cryptocurrency companies. The current administration is committed to weakening the agency's regulatory authority to fulfill promises of easing regulations on the cryptocurrency industry. Last month, the SEC successively terminated investigations into the NFT trading platform OpenSea, broker Robinhood, decentralized exchange developer Uniswap Labs, and cryptocurrency exchange Gemini.
The regulatory agency also dropped a series of significant lawsuits against well-known crypto companies such as Ripple Labs, Coinbase, and Kraken.
Although the SEC has withdrawn its investigation into Immutable, the Rosen Law Firm in Manhattan is still citing the Wells notice in an attempt to initiate a securities class action lawsuit regarding its IMX token issuance. An Immutable spokesperson stated that they are "not concerned" about this.
Immutable noted in its statement that traditional AAA game studios "have always viewed legal and compliance risks as the primary barrier to entering the Web3 gaming space." "However, as the regulatory framework becomes clearer, the over $100 billion in-game purchase market will welcome new investment opportunities for asset tokenization," the company added.
Related: Before the launch of SOL futures ETF, the SEC's XRP reversal marks a victory for the cryptocurrency industry: Financial Redefined
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