SEC Concludes Investigation of Immutable Without Action
On March 26,the U.S. Securities and Exchange Commission (SEC) wrapped up its probe into Australian crypto-gaming firm Immutable. The regulator decided not to take any enforcement action against Immutable, the IMX Ecosystem Foundation, or its CEO.
Immutable disclosed in October that it had received a wells notice from the SEC. This notice suggested the agency was considering charges for potential U.S. securities law violations. However, the investigation’s closure confirms Immutable’s dedication to legal and regulatory compliance.
The company celebrated the SEC’s decision, viewing it as a positive move for the web3 gaming industry. Throughout the process,Immutable remained focused on its goals,continuing to develop products for gamers. In the past year, it has signed many games, launched Immutable Play, and gained over a million new Passport system users.
Following the proclamation,Immutable’s native token,IMX,rose by 6% in the last 24 hours. The SEC’s decision reflects a broader change in its approach to crypto enforcement.The agency has dropped investigations into several crypto firms as the start of the year, including OpenSea, Uniswap, Robinhood, and Gemini.
To clarify digital asset regulations, the SEC has established a crypto task force under Commissioner Hester Peirce. Ripple is also nearing the end of its legal battle with the SEC. On March 20, crypto.news reported that the SEC agreed to drop its appeal against Ripple.Ripple will not pursue its counter-appeal and secured a reduced fine of $50 million.
