The U.S. Securities and Exchange Commission has officially concluded its investigation into the Australian crypto-gaming company Immutable.
As stated by the company on March 26, the regulator will not pursue any enforcement actions against Immutable (IMX), the IMX Ecosystem Foundation, or its CEO. This effectively brings the case to a close.
Back in October, Immutable disclosed that it had received a Wells notice from the SEC, indicating that the agency was contemplating potential charges related to violations of U.S. securities regulations. However, with the investigation now resolved, Immutable asserts that this outcome reinforces its enduring commitment to legal and regulatory adherence.
The company praised the SEC’s decision, highlighting it as a positive advancement for the web3 gaming industry. Immutable maintained its focus on innovation during this period, continuing to develop gaming products.
In the past year, the firm has achieved a record number of game signings, introduced Immutable Play, and welcomed over a million new users to its Passport system. Following the announcement, the price of IMX, Immutable’s native token, increased by 6% in the last 24 hours.
The SEC’s ruling reflects a broader shift in its approach to crypto enforcement. The agency has ceased investigations into several cryptocurrency firms this year, including OpenSea, Uniswap (UNI), Robinhood, and Gemini.
To offer clearer regulatory frameworks for digital assets, the SEC has established a dedicated crypto task force led by Commissioner Hester Peirce. Meanwhile, Ripple is nearing the end of its protracted legal dispute with the SEC.
On March 20, it was reported that the SEC agreed to withdraw its appeal against Ripple without any conditions. In a subsequent update on March 26, Ripple’s legal officer confirmed that the company will not pursue a counter-appeal. Ripple managed to reduce its financial penalty from the original $125 million to $50 million.