SEC Concludes Inquiry Into Australian Crypto Gaming Company Immutable
The US Securities and Trading protocol Commission (SEC) has concluded its inquiry into the Australian crypto gaming company Immutable, marking a noteworthy end to a phase in the firm’s regulatory path.
On March 26, Immutable announced in a public statement that the SEC will refrain from taking any legal action against the business, its IMX Ecosystem Foundation, or its CEO.
The company highlighted that this signifies the official termination of the investigation and affirms its enduring dedication to adhering to U.S. securities regulations.
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SEC Initiated Investigation Into Immutable After Issuing Wells Notice
The investigation was instigated after Immutable received a Wells notice from the SEC in October, indicating that the regulator was contemplating legal proceedings. The firm has continuously asserted its innocence and maintained cooperation throughout this period.
Immutable embraced the outcome, interpreting it as an encouraging sign not just for the firm but also for the larger Web3 gaming industry.
“From inception, we have prioritized regulatory regulation while progressing in delivering groundbreaking products for gamers,” the firm declared.
Throughout the past year, Immutable has introduced “Immutable Play,” secured an unprecedented number of new game releases, and surpassed one million registrations for its Passport identity solution.
In the wake of the update, the value of Immutable’s native crypto token, IMX, jumped nearly 15% on March 25, reaching a peak of just below $0.74 — marking its best performance since early March.
The price subsequently fell back to approximately $0.67, based on data from CoinMarketCap. A resurgence to the $0.70 mark could prompt the liquidation of nearly $450,000 in short positions, according to CoinGlass.
Despite the Wells Notice, in the last year we’ve still managed to ship:
>zkEVM – the 11th most popular distributed ledger in the world
>Passport – with 4.9M+ sign ups
>3 partnerships with multi-billion dollar companies
>x2 our total games to 500+We’re excited to now truly accelerate.
— Robbie Ferguson | Immutable (@0xferg) March 25, 2025
IMX, which hit an all-time peak of $9.32 during the 2021 cryptocurrency bull rally, has not yet returned to similar levels amidst ongoing trading market volatility.
Despite the SEC’s favorable ruling, the overall gaming crypto token sector has experienced a 3.65% drop in its market capitalization over the last month, settling at $13.13 billion, with trading volumes falling 33.45% to $1.75 billion.
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Closure of Immutable Case Reflects SEC’s Evolving Stance on Crypto Enforcement
The SEC’s decision to conclude the Immutable case is indicative of a broader trend in its approach to crypto enforcement. In recent months, the agency has also ceased investigations into other prominent crypto companies, including OpenSea, Uniswap, Robinhood, and Gemini.
To provide regulatory transparency, the SEC has also established a crypto-focused task force spearheaded by Commissioner Hester Peirce.
In the meantime, Ripple is approaching the conclusion of its own legal struggle with the SEC. A March 26 update confirmed that Ripple will refrain from pursuing a counter-appeal after the SEC consented to withdraw its appeal earlier this month.
The company will pay a reduced fine of $50 million, down from the previously suggested $125 million.
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Key Takeaways
- The SEC has officially concluded its investigation into Immutable with no enforcement action taken.
- Immutable’s IMX crypto token increased nearly 15% following the announcement, showcasing investor enthusiasm.
- This action is part of an overarching shift by the SEC, as it withdraws cases against various crypto firms to clarify regulations.
The post SEC Closes Investigation Into Australian Crypto Gaming Firm Immutable appeared first on 99Bitcoins.
