SEC ends investigation into Immutable with no enforcement action taken
The U.S. Securities and Exchange Commission has officially closed its investigation into Australlian crypto-gaming firm Immutable.
According to a statement from the company on Mar. 26, the regulator will not take any enforcement action against Immutable (IMX), the IMX Ecosystem Foundation, or its chief executive officer. This officially puts an end to the matter.
Immutable first revealed in October that it had received a Wells notice from the SEC. This notice meant the agency was considering possible charges for violating U.S. securities laws. However, with the investigation now closed, Immutable says this outcome validates its long-standing commitment to legal and regulatory compliance.
The company welcomed the SEC’s ruling and noted that it was a step in the right direction for the web3 gaming sector. Immutable claimed that throughout the process, it stayed committed to its goal and kept developing products for gamers.
Over the past year, it has signed a record number of games, launched Immutable Play, and saw more than a million new users sign up for its Passport system. Following the announcement, IMX, Immutable’s native token, is up 6% in the past 24 hours.
The SEC’s decision is part of a larger shift in how it approaches crypto enforcement. The agency has dropped its investigations into a number of cryptocurrency companies since the beginning of the year, including OpenSea, Uniswap (UNI), Robinhood, and Gemini.
To provide clearer regulatory guidelines for digital assets, the SEC has formed a crypto task force under the direction of Commissioner Hester Peirce. Meanwhile, Ripple is also in the final stages of settling its long-standing legal battle with the SEC.
On Mar. 20, crypto.news reported that the SEC had agreed to drop its appeal against Ripple without conditions. In another update on Mar. 26, Ripple’s legal officer revealed that the company will not pursue its counter-appeal. Ripple secured a reduced fine, cutting the original $125 million penalty to $50 million.
