2025-03-26
The U.S. Securities and Exchange
Commission (SEC) has closed its investigation into Immutable, the company
behind the Ethereum-based gaming platform Immutable X.
The company announced this on March 25,
saying the SEC ended the probe without finding any wrongdoing. Immutable
received a termination letter from the SEC, which didn’t explain why the
investigation was dropped.
Back in November, the SEC had sent
Immutable a Wells notice. This type of notice usually means the SEC is
thinking about taking legal action after finding possible violations. Immutable
believed the SEC was looking into the way it listed and sold its IMX token in
2021.
After receiving the Wells notice,
Immutable spoke with the SEC briefly and defended its position. The company
said it was confident it hadn’t broken any rules.
Immutable’s president, Robbie Ferguson,
said they’re glad the SEC closed the case and called it a big step forward for
the crypto and gaming industries, especially in terms of getting more
regulatory clarity.
An Immutable spokesperson said the SEC
made its decision based on information the company had shared and that the
letter ending the investigation came without warning.
The SEC has recently backed off several
crypto-related investigations, including those into OpenSea, Robinhood, Uniswap
Labs, Gemini, and lawsuits against Ripple, Coinbase, and Kraken.
Even though the SEC dropped the case, a
law firm in New York is still trying to start a lawsuit against Immutable over
the IMX token. Immutable says it’s not worried about it.
The company also said that many big
game studios have been hesitant to enter Web3 gaming because of legal concerns,
but with clearer rules on the way, they expect more investment in the $100
billion market for in-game purchases.
