The investigation, which began after the SEC issued a Wells notice in November 2024, has now been closed. The Wells notice had signaled the potential for enforcement action, typically indicating suspected violations of securities laws.
The company expressed its satisfaction with the SEC’s decision, with Immutable’s president and co-founder, Robbie Ferguson, noting that the resolution of this inquiry represents a major step forward for both the crypto and gaming sectors, offering more clarity for the industry moving forward. While the SEC’s letter of termination did not provide specific reasons for ending the investigation, Immutable believes that its transparency and the information it provided led to the closure of the probe.
Immutable had been under scrutiny following the 2021 listing and private sales of its IMX token. The SEC raised concerns about the accuracy of a blog post related to pre-launch investments in the token. Despite this, Immutable maintained confidence in its position, expressing its intent to challenge any potential regulatory claims.
The SEC has recently scaled back its regulatory actions against several crypto companies, including halting investigations into OpenSea, Robinhood, Uniswap Labs, and Gemini. Although the investigation into Immutable has ended, legal challenges still remain, such as the potential securities class-action lawsuit from Rosen Law Firm, which cites the Wells notice in its filing.
Immutable views this development as a significant milestone for Web3 gaming. With regulatory clarity potentially on the horizon, the company believes the sector will see increased investment and growth, particularly in the $100 billion in-game purchase market.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/web3-gaming-company-immutable-escapes-sec-probe/