{"id":125801,"date":"2025-03-25T20:15:59","date_gmt":"2025-03-25T20:15:59","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125801"},"modified":"2025-03-25T20:15:59","modified_gmt":"2025-03-25T20:15:59","slug":"sec-closes-investigation-into-immutable-nearly-5-months-after-wells-notice","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125801","title":{"rendered":"SEC closes investigation into Immutable nearly 5 months after Wells notice"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsWeb3 gaming platform Immutable says the US Securities and Exchange Commission has closed its investigation into the company, clearing it of any further action.\u00a0<br \/>\nImmutable \u2014 the firm behind the Ethereum layer-2 ImmutableX \u2014 said in a March 25 statement that the SEC shut its inquiry into the firm without finding wrongdoing and \u201ccloses the loop on the Wells notice issued by the SEC last year.\u201d<br \/>\nIn November, Immutable said it received a Wells notice from the regulator \u2014 a letter informing that the SEC is considering an enforcement action, typically sent after it concludes there is evidence of possible securities law violations.<br \/>\n\u201cWe are pleased the SEC has concluded its inquiry. This marks a significant milestone for the crypto industry and gaming as we advance towards a future with regulatory clarity,\u201d Immutable president and co-founder Robbie Ferguson said in a statement.<br \/>\nAn Immutable spokesperson told Cointelegraph that the SEC sent it a letter of termination that didn\u2019t explain why it had concluded its probe. The spokesperson said the letter was unprompted and that the SEC\u2019s review of information Immutable had sent \u201cappears to have resulted in them closing the investigation.\u201d<br \/>\nImmutable said in a November blog post that it believed the SEC was targeting the 2021 \u201clisting and private sales\u201d of its self-titled Immutable (IMX) token.<br \/>\nImmutable\u2019s X post after receiving a Wells notice in November 2024. Source: Immutable The company said it had a 10-minute call with the SEC after it had issued the notice where it alleged a 2021 Immutable blog post stating a pre-launch investment made in the IMX token at a price of $0.10, which was issued at a \u201c$10 pre-100:1 split,\u201d was inaccurate and implied there was no exchange of value between the parties.<br \/>\nAt the time, Immutable said it was \u201cconfident in its position\u201d and would fight the regulator\u2019s claims.<br \/>\nThe SEC has dropped many pending and in progress enforcement actions against crypto companies under President Donald Trump, whose administration has worked to defang the agency to make good on his promise to alleviate the crypto industry from regulatory action.<br \/>\nLast month, the SEC stopped its investigations into non-fungible token marketplace OpenSea, trading platform Robinhood, decentralized exchange developer Uniswap Labs and crypto exchange Gemini.<br \/>\nRelated: Will new US SEC rules bring crypto companies onshore?<br \/>\nThe regulator has also dropped a slew of its high-profile lawsuits against crypto firms, including those against Ripple Labs, Coinbase and Kraken.<br \/>\nDespite the SEC backing off from Immutable, the Manhattan-based Rosen Law Firm has cited the Wells notice in trying to spin up a securities class-action lawsuit against the firm over its IMX token offering, which Immutable\u2019s spokesperson said it\u2019s \u201cnot concerned about.\u201d<br \/>\nIn its statement, Immutable said that major triple AAA gaming studios \u201chave previously cited legal and compliance risks as key barriers to entry\u201d into the Web3 gaming space.<br \/>\n\u201cHowever, with a clear regulatory framework on the horizon, this is expected to unlock further investment and opportunities to tokenize the now more than $100 billion market for in-game purchases,\u201d it added.<br \/>\nWeb3 Gamer: Classic Sega, Atari and Nintendo games get crypto makeovers<a href=\"https:\/\/cointelegraph.com\/news\/sec-closes-immutable-investigation-five-months-after-wells-notice?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsWeb3 gaming platform Immutable says the US Securities and Exchange Commission has closed its investigation into the company, clearing it of any further action.\u00a0 Immutable \u2014 the firm&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125801"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125801"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125801\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125801"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}