The U.S. Securities and Exchange Commission (SEC) has decided to end its investigation into the Web3 gaming platform Immutable and will not pursue enforcement actions, as noted in a company announcement issued on Tuesday.
Immutable, based in Australia, revealed that it received a Wells notice from the SEC last November—an official notification that the SEC aimed to initiate enforcement action against the company. At that time, Immutable speculated that the investigation was related to the listing and private sales of its native IMX token in 2021.
In a statement, co-founder and president Robbie Ferguson expressed satisfaction with the SEC’s conclusion of its inquiry. “This is a key moment for the crypto sector and the gaming industry as we move towards a future defined by clearer regulations,” he said.
Ferguson also conveyed excitement regarding the evolving regulatory landscape in the U.S., indicating that “with a clear regulatory framework, we aim to speed up our plans to bring digital ownership to the 3.1 billion gamers worldwide.”
The SEC opted not to comment further, stating it does not engage in discussions regarding the existence or absence of particular investigations.
The decision to cease the inquiry into Immutable reflects a broader trend of closed investigations and dismissed cases as the SEC shifts away from the previous administration’s stringent “regulation by enforcement” method within the cryptocurrency panorama. Under the interim leadership of Mark Uyeda, the SEC is revamping its approach to crypto regulations, establishing a Crypto Task Force led by Commissioner Hester Peirce and initiating a series of roundtable discussions with industry stakeholders.
Since U.S. President Donald Trump took office—spurring a transformation in crypto regulation—the SEC has terminated investigations into crypto exchange Gemini, trading platform Robinhood, NFT marketplace OpenSea, NFT firm Yuga Labs, and now, Immutable, without filing any enforcement actions. The agency’s legal actions against companies such as Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW have similarly been dropped, while others, including cases against Tron and Binance, have been paused.
Nevertheless, not all recipients of a Wells notice are in the clear. Crypto issuer Unicoin received such a notice last year, indicating that the SEC intended to bring charges regarding violations related to fraud, deceptive practices, and the offering of unregistered securities.
A representative for Unicoin informed that the firm is “in the final stages of the SEC review process.”
“Currently, we have not received any updates or formal feedback from the SEC about our registration,” the spokesperson added. “We are fully dedicated to compliance and transparency and are working diligently to obtain the necessary approvals for our anticipated offerings.”
Similarly, Crypto.com received a Wells notice from the SEC last year, after which it took legal action against the agency and then-chair Gensler, accusing the regulator of “improperly extending its jurisdiction.” That lawsuit was subsequently withdrawn. Crypto.com has not publicly shared any updates regarding the SEC’s ongoing investigation and did not respond to requests for comment.